LODI, Calif., Aug. 18, 2004 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's growing providers of stored value debit cards, announced today the completion of a nationwide marketing agreement with Worldwide Financial Services(tm), Inc. dba Express Payments Solutions, Inc. (EPS). Under this agreement PayStar will offer EPS's nationwide bank funds loading services to the numerous stored value marketing companies in need of localized funds loading capability. The service will utilize four leading banks to provide over 10,000 branch locations where client cardholders may conveniently replenish funds on their stored value debit ATM cards and prepaid MasterCard(r) accounts.
EPS developed the bank loading service for a national Gov't. program called the "Community Technology Network Project" (CTNP) with which PayStar is already involved (Press Release Jan.13, 2004). CTNP cardholders needed a convenient venue to replenish funds onto the prepaid ATM debit cards. Louis Simpson, President of EPS said, "We recognized the potential to offer our service beyond the CTNP project. EPS now offers the national service through PayStar. As the exclusive North American Distributor, PayStar will broaden the EPS offering to stored value card companies nationwide.
William D. Yotty, Chairman and CEO, PayStar Corporation, stated, "We are ready to launch the program into several accounts nationally and expect rapid deployment by the card issuing companies. PayStar will begin to see significant revenues generated by the EPS program in 4Q, 2004."
About PayStar
PayStar Corporation (www.paystar.com) provides its distributors and clients with a suite of prepaid, stored value products. PayStar's GLOBALCash, Inc. (www.globalcash.us) distributes prepaid ATM debit and stored value cards that can be used just like regular credit cards. Prepaid ATM debit cards can be used everywhere major credit cards are accepted (stores, restaurants, theaters) and online. PayStar is a partner in a prepaid ATM debit card for a national government project that will enable millions of underserved and subsidized housing individuals access to prepaid ATM debit cards. PayStar's corporate and distributor sales, as well as mergers and acquisitions, will continue to drive growth.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of known and unknown risks and uncertainties that may cause the company's actual results or outcome to be materially different from those anticipated and discussed herein. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks with the regulation of the telecommunications industry.