Calpian will change its fiscal year end to March 31 to conform with Indian regulatory reporting requirements
DALLAS / ACCESSWIRE / May 6, 2014 / Calpian, Inc. (OTC:CLPI) Chief Executive Officer, Harold Montgomery, announced that "with our increased ownership in Digital Payments Processing Limited in the first calendar quarter of 2014 to 69%, we will begin consolidating Money-On-Mobile’s financial results, rather than using the equity method of accounting, in our financial statements. Calpian Inc. Chief Financial Officer, Scott Shiao Arey explained, " As part of consolidating Money-On-Mobile’s financial results, we have elected to change our fiscal year end to March 31 to align our fiscal year end with Money-On-Mobile’s fiscal year end. March 31 was selected to achieve efficiencies with the Indian government filing and statutory audit regulations." The Board has approved the fiscal year change to March 31, effective as of March 31, 2014. Money-On-Mobile CEO Shashank Joshi concluded, “We’re very excited to be taking this next step in our relationship with Calpian.”
As a result of this fiscal year change, Calpian plans to file an annual report on Form 10-KT for the year ended March 31, 2014, rather than a 10-Q for the three months ended March 31, 2014, in July 2014. The Company also plans to present comparable financial statements for the year ended March 31, 2013 in its Form 10-KT. Below is detail on the quarterly periods for fiscal 2014, which includes 52 weeks:
1st Fiscal Quarter: three months ended June 30, 2013
2nd Fiscal Quarter: three months ended September 30, 2013
3rd Fiscal Quarter: three months ended December 31, 2013
4th Fiscal Quarter: three months ended March 31, 2014
About Calpian, Inc.
Calpian (CLPI) is a global processing and mobile payments technology company that offers traditional domestic transaction services, and leading international mobile payments solutions through its Indian investment, Money-on-Mobile. Money-On-Mobile is comprised of two Indian companies: Digital Payments Processing Limited and My Mobile Payments Limited. Since April 2012, Money-on-Mobile, a pre-paid mobile payment solution, has been accessed by approximately 87 million unique telephone number customers at over 181,000 Indian retail locations. Calpian’s management team has over 70 years in combined experience in the payments business. Calpian’s CEO, Harold Montgomery, is a recognized industry leader who has provided expert testimony to the US Congress and Federal Reserve Bank on payments-related issues and regularly appears in numerous industry publications, such as Transaction World Magazine.
Note to Investors:
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on March 31, 2014 and the Form 10-Q filed on August 14, 2013 and November 14, 2013. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Mark Mayad, 214-850-4446
SOURCE: Calpian, Inc.