LODI, Calif., Dec. 8, 2004 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's fastest growing providers of stored value debit cards and national bank debit card load centers announced today the completion of a strategic alliance with Cyphermint, provider of the PayCash Now(tm) Debit Visa(r), to supply Worldwide Communications Group, Inc.'s (WWCG) underserved low income Government Section 8 housing recipients a prepaid VISA(r) debit card for the Community Technology Network Project (CTNP). Under this agreement PayStar will offer the nationwide ATM debit card program to approximately 16 million existing SEC8 families. Cyphermint's PayCash Now Debit Visa(r), issued by BankFirst, will serve as the vehicle to deliver the Visa(r) card services to the community.
WWCG developed the "CTNP" stored value card program and is the Administrator of the project. This national Government program provides a convenient venue for participants to access the Internet and several substantially discounted medical programs for these underserved families.
"Cyphermint is pleased to help emerging and underserved consumers gain financial independence through the use of our PayCash prepaid Visa(r) card", stated Joe Barboza, President of Cyphermint. "We are eager for this opportunity and are excited to be a part of the CTNP project."
"PayStar now participates with the CTNP project through PayStar's GLOBALCash division," said William D. Yotty, Chairman and CEO, PayStar Corporation. "We are pleased to have Cyphermint join us in fulfilling this very useful program." Significant revenues will be generated by the CTNP card program in 2005.
About Cyphermint
Headquartered in Marlborough, Mass., Cyphermint is a provider of Global Electronic Cash Payment and e-commerce infrastructure/integration solutions. Our core technology, PayCash(tm) is used in three major areas: (1) Internet Cash Payment Systems, for B2C e-commerce via the Cyphermint PayCash System, (2) Kiosk Solutions, delivering Web-enabled self-service B2C merchandising systems, and (3) The PayCash Now(tm) Debit Visa(r) Prepaid Card. Cyphermint's Kiosk Integration Division provides solutions to online retailers enabling full integration with kiosk networks and also sets up existing kiosk networks with eCommerce capabilities. Cyphermint's core technology, the PayCash System provides businesses complete turnkey solutions.
About PayStar
PayStar Corporation (www.paystar.com) provides its distributors and clients with a suite of prepaid, stored value products, national bank load center locations and Kiosk marketing and management. 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 program for a national government project that will enable millions of underserved and subsidized housing individual's 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 within the regulation of the industry.