 Payment Facilitator Raises 6.45 Million and Lists on NASDAQ Capital MarketsNEW YORK, Aug. 17, 2020 GLOBE NEWSWIRE -- The OLB Group, Inc. NASDAQ: OLB OLB or the Company, a FinTech company, has announced financial results for second quarter ended June 30, 2020 and is providing an update on other company developments. OLB is a FinTech company and a payment facilitator that, through its subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.Financial Highlights Revenues for the six months ended June 30, 2020 were 4.6 million. Adjusted EBITDA for the six months ended June 30, 2020 was 144,767Highlights of financial results for the three months ended June 30, 2020 unaudited are as follows: For the Six Months Ended June 30, 2020 Total revenue4,614,028 Total operating expenses5,035,087 Loss from operations421,059 Total other expense631,557 Net Loss1,052,616 Amortization and depreciation expense416,005 Interest expense632,186 EBITDA4,425 Stock Based Compensation expenses149,192 Adjusted EBITDA144,767 As a result of the response to the COVID-19 pandemic in the United States, OLB did experience disruptions to its business as a result of disruptions with its customers and merchants, which has resulted in a decline in transaction volume. Since June, the Company has had an overall increase in the number of transactions compared to the monthly transactions processed in March through May. Key Highlights for Second Quarter of 2020 and Subsequent Events OLB closed a successful capital raise with Aegis Capital receiving gross proceeds of 6,450,000 Completed uplisting of OLB common stock to NASDAQ Capital Markets trading under the symbol OLB George Kastisiaunis, Ehud Ernst and Amir Sternhell joined Board of Directors Acquired more than 300 merchants from DoubleBeam in May and aggregated acquired merchants with Omni Soft omni commerce applications and implemented newly developed order ahead commerce system and KDS Kitchen Display System Reduced total debt by approximately 5.7 to approximately 8.4 by converting 4.6 million of debt into equity and paying down 1.1 million of the Companys senior debt we had 13.9 million of indebtedness the same time last year Increased ecommerce business merchants during second quarter compared to retail brick and mortar merchants Integrated ACH System into the Companys Payment Gateway with next day depositsTo see a complete version of the Companys Quarterly Report on Form 10-Q please click on the following link: The OLB Group, Inc. OLB The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. The Company provides end-to-end e-commerce, mobile and retail solutions to customers. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium-sized businesses and crowdfunding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.OLB Group, Inc.s common stock is traded on the NASDAQ Capital Market under the stock symbol: OLB. Additional information about the Company can be found at Non-GAAP Financial Measures This press release contains non-GAAP financial measures, Net Loss before Interest, Taxes, Depreciation and Amortization EBITDA and adjusted EBITDA, as defined in Regulation G. The Company reports its financial results in compliance with GAAP, but also provides additional non-GAAP measures of its operating results. The Company defines EBITDA as net loss, before interest, taxes, depreciation and amortization. The Company defines adjusted EBITDA as EBITDA, as defined above, adding back non-cash stock option costs and certain non-recurring items, such as costs incurred with completing acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management believes the use of EBITDA and adjusted EBITDA is appropriate to enhance the understanding by the Companys investors of its historical performance through use of a metric that seeks to normalize earnings.Forward Looking StatementsAll statements from The OLB Group, Inc. in this news release that are not based on historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce applications to our current merchants and the integration of our secure payment gateway with our crowd funding platform. While the Companys management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, uncertainty regarding our ability to integrate the companies that we have recently acquired and to repay outstanding indebtedness and fund our operations. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption Risk Factors in the Companys most recent Form 10-K and Form 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.Investors Analysts Contact: Investor Relations 212 278-0900 EXT 333 get news updates about the company please register 