LODI, Calif., Oct. 4, 2004 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST) announced today that it has terminated its LOI with ICM Telecom (Pink Sheets:ICMH) and PayStar's subsidiary GLOBALCash, Inc., because the opportunity could not be completed by the agreed upon date of Oct. 1, 2004. The proposed LOI was announced Sept. 2, 2004. Pursuant to the terms of the LOI each party has mutually agreed to the termination.
"We are disappointed that we were unable to complete this opportunity," said William D. Yotty, CEO of PayStar. "With the inability to consummate the transaction according to the terms of the LOI on a timely basis, it was determined it would not be in the best interests of PayStar's shareholders at this time."
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.