LODI, Calif., Sept. 8, 2004 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's growing providers of prepaid stored value debit cards, announced today the signing of a Letter of Intent to sell GLOBALCash, Inc. to ICM Telecommunications, Inc. (Pink Sheets:ICMH). GLOBALCash operates the stored value ATM debit card division of PayStar. This agreement calls for an undisclosed amount of cash and ICM stock to be paid to PayStar, and future shared revenue earn outs between ICM and PayStar Corporation.
"This proposed acquisition, which is scheduled to close by October 1, offers ICM an immediate opportunity to increase ICM's assets and revenues, as well as gaining a significant advantage by inheriting PayStar's experienced management team," said ICM's Chairman & CEO, Doug Hamby.
"We look forward to completing the ICM agreement," said PayStar's Chairman & CEO, William Yotty. "GLOBALCash's prepaid and stored value products will benefit ICM, and the completed transaction will enhance shareholder value in both our companies."
About ICM Telecommunication
ICM Telecommunications Inc. (www.icmtelecom.com) is the exclusive distributor of debit instruments for Secure Financial Solutions Inc., which is in partnership with Sutton Bank. That bank's status as a premier card issuing financial institution permits its customers all the benefits of other ATM debit cards. ATM locations and virtually all retail establishments, give card users several hundred thousand places where their cards will be immediately acceptable and honored.
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. 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.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statements.