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EX-99.1 - PRESS RELEASE DATED MAY 28, 2020. - OLB GROUP, INC.ea122441ex99-1_theolbgroup.htm





Washington, D.C. 20549






Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): May 22, 2020 



(Exact name of registrant as specified in its charter)


Delaware   000-52994   13-4188568
(State or other jurisdiction of
incorporation or organization)
  (Commission File Number)   (I.R.S. Employer
Identification Number)


200 Park Avenue, Suite 1700, New York, NY   10166
(Address of principal executive offices)   (Zip Code)


Registrant’s telephone number, including area code:  (212) 278-0900


Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   N/A   N/A







Item 8.01 Other Events.


On May 28, 2020, The OLB Group, Inc. (“we,” “us,” “our,” and the “Company”) issued a press release relating to the Company’s closing of the purchase of certain assets constituting the Doublebeam business from POSaBIT Inc. (“POSaBIT”) on May 22, 2020.


As noted in the press release, the full text of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, the Company purchased certain of in the customer information and assets owned by POSaBIT related to the Doublebeam payment transaction processing system used by certain food services and cafeteria merchants. In addition, the Company purchased all customer lists, all rights, title and interests in and to certain contracts, rights to software and source codes, certain equipment and existing customer and merchant relationships relating to the Doublebeam business, and certain of the assets, properties and rights of POSaBIT with respect to the Doublebeam business.


Item 9.01 Financial Statements and Exhibits


(d) Exhibits


  Exhibit Description
99.1   Press Release Dated May 28, 2020.







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: May 28, 2020


  By:  /s/ Ronny Yakov



Ronny Yakov
Chief Executive Officer