HENDERSON, Nev., Dec. 24, 2020 /PRNewswire/ -- Today, the CEO of Grow Capital, Inc (OTCQB: GRWC) released a business update to recap two recent events:
"As we cross the finish line of 2020 I want to brief interested parties on GRWC's activities," said CEO Terry Kennedy. "We are thrilled to announce our August 2020 acquisition PERA, (Public Employee Retirement Assistance) has had a record-breaking year. The company helped thousands of employees meet with a retirement specialist online and get prepared for their future. They also helped hundreds of financial services agents stay in business during this unprecedented time where face to face meetings are not permitted."
PERA provides public employee retirement assistance and currently works with employees of school districts, colleges, universities, and other public institutions nationwide. PERA has over 5,000 trusted advisors in its network to help public employees and has successfully set near half a million appointments for its clients since its inception.
During the audit of PERA's financial records as required, our analysis determined a key client of PERA, and secondary acquisition target for Grow Capital, is currently a variable interest entity ("VIE") to Grow Capital, and therefore under generally accepted accounting principles ("GAAP") we are required to present consolidated financial statements for the first quarter of fiscal 2021 that include the VIE.
This has resulted in a substantially more complex data collection and analysis process in order to complete the preparation of GRWC's first quarter report. GRWC found it necessary to file a notice of late filing with the Securities and Exchange Commission in regard to its September 30, 2020 quarterly report in November to alert the delayed filing and is pleased to announce we have subsequently received a further extension to file the first quarter report in order to maintain our trading status on OTCQB. We expect to file the delayed report no later than February 1, 2021.
"We are also excited about the future of our company, Bombshell Technologies," Kennedy continued. "GRWC's legal team untangled some disputes within the previous ownership of the company so it can move forward and utilize our resources to become the premier technology company servicing financial services professionals and filling the gaps their niche needs."
"The business of doing business sometimes requires slowing down and ensuring accuracy," said Kennedy. "The board and I are proud of the highly professional work our team has been doing and look forward to the futures of Bombshell and PERA under our guidance. We are also looking forward to sharing our financial results as soon as they are complete"
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Forward Looking Statements Disclaimer: This release may contain statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Capital, Inc's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such forward -looking statements include the words "vision," "seek", "grow", "plan" and other expressions of a forward-looking nature. More information about the potential factors that could affect the business and financial results is and will be included in Grow Capital, Inc's filings with the OTC Markets, Securities and Exchange Commission and/or posted on the company's website.
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SOURCE Grow Capital, Inc