WILMINGTON, Del., June 27, 2005 (PRIMEZONE) -- GSB Financial Services (Pink Sheets:GSBF) today announced that it has signed a Memorandum Of Understanding with MoneyBar Technologies, Inc. (www.moneybar.net) a Nevada state based company which controls the intellectual property of a payment and billing technology called MoneyBar.
GSBF will enter into a Formal Agreement with MoneyBar Technologies, Inc. within thirty business days of the signing of the MOU, where the Formal Agreement calls for a two part funding strategy allowing GSBF to License the billing and payment technology first in Europe and then to earn a 20% interest in MoneyBar.
Company Overview
Stan Loh, President, says "MoneyBar Technologies, Inc. has more than 20 years experience providing electronic payment and billing technology that have been tailored to the needs of small and mid-sized businesses."
Our products, services and complete solutions packages enable entrepreneurs to launch and manage their own private brand, pre-paid consumer gift card and loyalty programs to generate awareness, increase sales, build brand loyalty and drive repeat business. The MoneyBar Small Business Edition is a proven strategy and has been carefully refined to cater to customer buying and spending habits in today's business environment.
MoneyBar C.O.O. Ron Frank, says "we are bank independent -- we do not use the bank's interchange network nor process transactions through a bank. MoneyBar owns their own switch, not relying on the banks to process the transactions, allowing flexible cost and effective transaction-processing to a wide variety of customers and applications regardless of size."
This press release may include forward-looking statements within the meaning of section 27a of the Securities Act of 1933 and Section 21e of the Securities Act of 1934. These statements are based on the company's current expectations as to the future events. However, the forward-looking events and circumstances discussed in this press release might not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.