DENVER, March 09, 2017 (GLOBE NEWSWIRE) -- Blue Line Protection Group, Inc. (OTCPink: BLPG), a leading security, transportation and risk mitigation solutions provider for financial institutions servicing the legal cannabis industry, is pleased to announce its vaulting and processing division has seen triple-digit growth from October 2016 through January 2017.
“Since our vaulting and processing division began operations last year, we’ve seen a tremendous increase in the number of clients served by our transportation and currency processing services,” said Daniel Allen, Blue Line’s CEO.
Blue Line provides currency vaulting and processing solutions to financial institutions serving high-risk industries. Blue Line serves the financial institutions’ clients by securely transporting their cash assets from their business locations to Blue Line’s secure vaulting facility in Denver, Colorado.
From October 2016 through January 2017, Blue Line experienced an increase in client currency deposits of 292 percent. Revenue for processing those deposits grew 325 percent during the same period.
“In terms of dollars, we’ve seen a significant increase in what we’re collecting and processing for our clients,” added Mr. Allen. “The nearly 300 percent increase is testament to the fact that Blue Line provides a necessary and unique service to high-risk clients who depend primarily on cash to keep their businesses competitive and viable.”
Blue Line not only provides currency processing for financial institutions and their customers, its vaulting and processing division also fulfills coin, change and ATM orders for its clients. From October 2016 through January 2017, Blue Line experienced a 2,000 percent increase in its change and ATM fulfillment services for its clients across Colorado.
“It’s a tremendous growth curve, and we’ve seen no evidence of it tapering off,” added Mr. Allen. “By having Blue Line fulfill their change and ATM currency needs, our clients have a reliable and responsive solution to maintaining their cash flow and providing uninterrupted service to their customers. Our clients used to have to fulfill their change needs by visiting other local businesses or banks, placing themselves at risk by transporting money outside of their stores. Now, Blue Line securely delivers change directly to their businesses.”
Blue Line also provides independent, verifiable ATM reloading services, providing financial institutions the assurance they need that their clients’ revenue is being accounted for appropriately. Revenue for providing these change and ATM order services increased over 400 percent during the October 2017 through January 2017 period.
Over the same period, Blue Line’s transportation services saw an increase of nearly 290 percent in terms of the number of currency assets collected from and delivered for its clients. “Each one of those currency asset packages is collected and protected by our trained, licensed and badged armored transportation personnel,” added Mr. Allen. “Our personnel provide a level of customer service and communication unmatched by other armored service providers.”
In addition to the explosive growth in its cash processing and vaulting division, Blue Line’s licensed investigators have also conducted nearly 400 on-site compliance investigations of legal marijuana businesses for financial institutions, helping them comply with their “know your customer” requirements. Blue Line’s independent, third-party assessment verification helps reduce business transactional fraud and risks to financial institutions offering banking services.
“From on-site investigations, to currency collection and processing, to change and ATM order fulfillment, Blue Line is helping financial institutions and their clients operate safe, secure and compliant businesses,” added Mr. Allen. “As we expand into other states, we can deploy this model to provide the same level of compliance and currency processing to clients and financial institutions across the country.”
About Blue Line Protection Group, Inc.
Blue Line Protection Group provides consulting, armed security, compliance and investigations, transportation and secure vaulting services to banks, businesses and government entities who need to protect their assets, licenses and clients. Blue Line serves banks and credit unions by providing currency processing and transportation solutions, and its risk mitigation services help financial institutions serving cash-intensive industries comply with federal “know your customer” mandates.
For more information, visit www.BlueLineProtectionGroup.com.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.