IRVINE, Calif., March 27, 2013 (GLOBE NEWSWIRE) -- Continental Prison Systems, Inc. (OTC:CPSZ) - a payment processing technology company that specializes in the $500 billion government payment space, is pleased to announce that a formal review by the Departments of Banking in Colorado and Texas have affirmed the company's status as a payment processor and its exemption from registration under these state's money transmission statutes.
"We are most pleased to have completed this review by Colorado and Texas where we enjoy a robust business model in our various installations," stated Ronald Hodge, CEO, Continental Prison Systems. "Both departments have fully reviewed our EZCard and Kiosk technology, process and business model and confirmed the company is exempt from licensing as a money transmitter."
"It is also important for the market to understand that Continental is a payment processor, not a money transmitter," added Hodge. "Beyond the regulatory benefits of being positioned as such, processors have historically garnered greater market valuations than that of money transmitters."
About Continental Prison Systems
Continental Prison Systems Inc (dba EZCard and Kiosk) is a technology company that provides government agencies with proprietary hardware (Kiosks) and cloud based software systems that automate the process of collecting payments from the general public (Cash, Debit and Credit). These systems deliver payment acceptance, real-time accounting and payment risk-mitigation services. The company distributes these technologies through direct sales, channel partners, and various licensed entities.
For more information visit www.ezcardandkiosk.com
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. 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. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance isn't necessarily indicative of its future performance. The Company doesn't undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.