LODI, Calif., July 12, 2005 (PRIMEZONE) -- GLOBALCash, Inc., a subsidiary of PayStar Corporation (Pink Sheets:PYST), announced it has entered into a joint venture partnership with International Global Xchange, Inc. (IGX), a leading Canadian based provider of international prepaid virtual (eWallet) accounts, ATM debit cards and processor of financial transaction services.
Under this partnership, GLOBALCash will utilize the IGX suite of eWallet stored value services which are hosted by major multinational financial institutions with presence throughout North America, Asia, Europe, South America, Australia and numerous other geographies. A rechargeable stored value card accompanies the accounts for cardholders outside of the U.S. and Canada and will contain additional services such as unified messaging and loyalty programs.
Dan Grijzenhout, Chairman and CEO of International Global Xchange, Inc., commented, "We look forward to this new business relationship with GLOBALCash. We have already begun working on Pacific Rim global opportunities together and see an especially rewarding future for us both where the skills, talents and products of our respective organizations combine to deliver significant value to all our customers."
"This partnership facilitates our capabilities to deliver international stored value solutions for several global clients currently under negotiation," stated William D. Yotty, Chairman and CEO of PayStar Corp. Mr. Yotty continued, "The IGX proprietary system with its internationally issued eWallet with debit card accounts represents the optimum solution for our universal accountholders and will be instrumental in our rapidly growing intercontinental marketing strategy."
About International Global Xchange, Inc.
International Global Exchange (www.globalxchange.biz) is primarily an ATM debit card company developing and selling its own ATM debit card products and implementing custom ATM Debit Card, Telco and Loyalty programs for its corporate clients. IGX was incorporated in 2004 in Canada with a specific goal to provide added value global payment services to corporations of international scope. In addition to ATM debit cards, IGX core products include Global Connect -- an Internet Collaboration tool; VHQ1 -- an enhanced communications and unified messaging service; and Surebetpro -- an arbitrage trading and investment software system.
About GLOBALCash, Inc.
GLOBALCash, Inc. (www.globalcash.us), a subsidiary of PayStar Corporation (Pink Sheets:PYST), provides its distributors and clients with a suite of prepaid stored value products. GLOBALCash 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. GLOBALCash ppd ATM debit cards can be used for payment of various goods and services everywhere ATM debit cards are accepted worldwide and online and at over 900,000 global ATM machines.
Legal Notice Regarding Forward-Looking Statements: 'Forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. Forward-looking statements represent management's best judgment as to what may occur in the future, but are subject to certain risks and uncertainties that could cause actual results and events to differ materially from those presently anticipated or projected by management. These statements are only predictions and may differ materially from actual future results or events. PayStar disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.