OLB Group CEO says management ‘fully engaged in the success of the company’

The OLB Group issued an open Letter to Shareholders from Chairman and CEO of OLB Group, Ronny Yakov, which read in part, “Starting on a positive note, our revenues going forward will reflect business from the recent acquisition of the bodegas/convenience store network portal, Black011.com, and the mobile brands Blackwireless.com and Mangomobile.com. OLB recently acquired the remaining 19.9% equity interest of Cuentas SDI, LLC and now owns 100% of Black011.com, which will be restructured and rebranded with additional OLB products and services. Currently we service 1,800 bodegas currently and expanding month to month. Starting by the end of the Third Quarter, we will be offering a variety of new products and services, pre-paid phone cards and credit cards to the owners of bodegas and convenience stores to their underbanked and unbanked customers. Additionally, we are launching the Affordable Connectivity Program program that offers subsidies to low-income customers. We also expect to launch additional services for point of banking and bill payments in early 2025. Merchant payment services continues to be our core business and the primary business related to our custom-developed applications, which remains our strongest competitive advantage. ..On April 19, 2024, we confidentially filed an updated registration statement and a response to SEC comments on prior versions of the registration statement relating to the spin-off DMint, Inc., our Bitcoin mining subsidiary. We anticipate a clearer picture of the pending record date and spin-off date in the coming weeks, at which point, the Company will be announcing a Shareholder of Record date for the DMint stock dividend to OLB shareholders. In anticipation of the spin-off of DMint, we will be reporting in our quarterly financial statements for the six months ended June 30, 2024, DMint’s underlying business as a Divested Asset, and the Liabilities of DMint on the balance sheet of OLB will be written off when we distribute shares of DMint to OLB shareholders. We are resubmitting the S-1 this week to address the remaining questions to the SEC. Despite the revenues loss resulting from the termination of merchant services of the acquired portfolio, which we have fully written off, the company projects a revenue run rate of at least $15 million for fiscal 2024. We have taken a conservative approach to the merchant portfolio acquired from FFS Data in 2021. In light of the ongoing fraud claims against FFS Data, we have made the decision to write off the FFS Portfolio and anticipate the recovery of our entire investment upon conclusion of the litigation. We are suing to reverse the transaction and seek the return of the Company’s $16 million investment, all legal fees, loss of business opportunity and reputational damages…The management at OLB Group is fully engaged in the success of the company, continues to periodically buy shares at the open market and financially support the company. Today the company has no long-term liability. In conclusion, we believe that after the spinoff of DMint, OLB Group will attract analyst research coverage for both entities as separate, pure play companies engaged in Bitcoin mining and merchant services respectively.”