LODI, Calif., Dec. 13, 2004 (PRIMEZONE) -- PayStar Corporation's (Pink Sheets:PYST) GLOBALCash Division, one of the nation's growing providers of stored value cards, announced today the signing of Convenient Solutions as it newest distribution partner. Convenient Solutions will immediately launch its stored value program through GLOBALCash to its numerous merchant locations who have been awaiting just such a program.
According to Maher Hamden, President, "I have been searching for a stored value solution for my 250 existing merchant accounts and GLOBALCash is a perfect fit. I look forward to further expansion of accounts throughout my entire southeastern region through our new relationship." Mr. Hamden continued by saying, "The key ingredient for us was the option to have my merchants load value to the cards as appropriate or offer convenience to our cardholders by utilizing the proprietary bank funds loading services through several major banks that are offered on the GLOBALCash platform."
"This launch continues the expansion of our retail card strategy to market prepaid ATM cards across the country," stated William D. Yotty, Chairman and CEO, PayStar Corporation. Convenient Solutions added revenues for 2005 will significantly enhance GLOBALCash earnings.
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.