ATLANTA, May 27, 2004 (PRIMEZONE) -- InstaPay Systems, Inc. (OTCBB:IPYS) today reported financial results for the first quarter ended March 31, 2004.
Harry Hargens, CEO of InstaPay Systems, Inc. commented, "Our first quarter results show our continuing efforts to reduce our operating expenses, while working to create revenue. During the three month period ended March 31, 2004, the Company continued to focus its efforts on developing the Kryptosima business opportunity. We believe that payENKRYPT is the first and so far only service approved and in production that enables web merchants to accept ATM Card payments."
During the three months ended March 31, 2004, the expenses charged to operations of $122,493 represented a decrease of $221,911 or 64.4% versus the expenses of $344,404 charged to operations for the three months ended March 31, 2003. The decrease is due primarily to the fact that during the first quarter of 2003, expenses charged to operations included various one-time marketing and investor relations costs totaling $166,134.
InstaPay charges merchants a fee per transaction for the service. Because ATM card payments offer merchants lower fees and less risk than credit card transactions, the Company is optimistic that the service will be marketed successfully to a broad range of eCommerce merchants, including target markets such as on-line brokerages that can not accept credit cards and therefore have no other method for on-line real-time payments. Other target markets include airlines, and upscale retailers selling online, and companies issuing prepaid cards that could be reloaded online.
To review the filing in its entirety, interested parties may visit http://www.sec.gov.
About InstaPay Systems Inc.
InstaPay's focus is on the implementation of new payment services, such as ATM card payments from home or office. The patented, easy to use Kryptosima system works with any desktop or laptop computer, enabling consumers to conduct secure transactions from any location without fear of identity theft. For additional information, visit www.instapaysystems.com and www.kryptosima.com.
Forward-Looking Statements
Statements about the company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.