- Going PINK Current with OTC Markets
- Company Turned a Profit in COVID-19 2020 Lockdown year
- Currently Working on 12 New Title Clients
- Cleaned up Share Structure with 500 Million Common Share Reduction
- Company has Reduced Their Long-Term Debt
GainClients Inc. (OTC:GCLT) recently announce that it completed a major milestone for the company, by completing the bank certification process for its first three title company clients with three separate banks and several more to follow. This is an interesting development for a company in this sector, as growth in the housing market is expected to boost insurance premiums for the Title insurance industry over the next five years.
We were able to get a couple statements from the company on how 2021 is going, and where the company is headed.
For those investors who are somewhat unfamiliar with GCLT, would you mind giving them a brief run down on what your company is about, and where its at currently?
GainClients, Inc., established in 2001, has been providing software products to the real estate industry, which includes real estate agents/brokerages, loan officers/mortgage brokerages, title and escrow officers/companies and consumers. The company is also owned and operated by actual real estate professionals working as REALTORS, mortgage, and title reps today.
The company’s newest product, the Earnest Money Capture Service, allows real estate agents and/or consumer-buyers to securely submit their earnest money deposits, down payments and closing costs in the field via a web-based mobile platform saving title companies millions of dollars each year on courier fees. It works just like making a mobile deposit to a bank account from your phone. This new and streamlined method of making earnest money deposits is being adopted quickly by small and large title companies because of its anytime, anywhere proficiency. The service is also compliant, secure, safe, and contact-free. It also flows both directions. So not only can Title & Escrow companies receipt money in, but they can push refunds back out to the Sellers, thus saving them millions in “Dormant Funds” costs.
I am sure a lot of companies are looking forward to 2021 given the turbulent year 2020 gave us. How is the start of 2021 treating GCLT so far?
As turbulent as 2020 was, it was still our best year yet. We were still able to grow our business with the remote earnest money deposit service which, in a year filled with quarantines, our touchless technology was extremely timely. . We are working with 12 newly engaged title clients and expect the demand to continue this year as the industry continues to respond to new technology that consumers expect.
Can you give your shareholders a brief update on what the company plans are for 2021 to continue to increase shareholder value?
We are preparing now to become current with the company’s filings on the OTC Market Group with the intention of meeting the June 30 deadline. We have allocated the necessary funds and are securing the needed resources. As for shareholder value, we have already gotten in to revenues, and are growing our recurring revenues. Our sales team is gaining momentum as more companies become aware of our solution.
Recent the company reduced its convertible debenture. What was the reasoning for the company to do this?
In preparation for becoming current on the OTC, we have also cleaning up the stock structure by reducing the authorized share amount from 1B to 500M shares; we have added board members and reduced our long-term debt by more than 300K.
So, does this mean the company is currently working on restoring their status on OTC markets and getting back to OTC Pink current soon?
Yes, it is our intention to be current before the June 30, 2021 deadline.
In January you announced the completion of the bank certification process for your first three title company clients. Has the company added or planning to add more clients since that press release?
Yes, we have two additional title companies in the testing phase and three others in line.