LODI, Calif., Sept. 21, 2004 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's growing providers of stored value debit cards, announced today the signing of an Agreement between PayStar's GLOBALCash division and Online Company Records, LLC (OCR). The companies will jointly market GLOBALCash's prepaid ATM debit cards to OCR's nearly 250,000 financially underserved and unbanked customers.
GLOBALCash and Online Company Records will begin marketing in Q4 a prepaid ATM debit card. OCR estimates 10-20% acceptance in the first 90 days. The card will be marketed at $19.95 with a $4.95 monthly recurring fee. GLOBALCash and OCR will revenue-share in the significant monthly cardholder transaction fees.
"This niche marketing opportunity will enhance PayStar's GLOBALCash prepaid ATM debit card program," stated William D. Yotty, Chairman and CEO, PayStar Corporation. "This OCR program will significantly enhance the division's revenues for 2005."
About PayStar GLOBALCash
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.