ATLANTA, Oct. 19, 2004 (PRIMEZONE) -- InstaPay Systems, Inc. (OTCBB:IPYS) announced today that the patent application held by its Kryptosima subsidiary has been allowed by the US Patent and Trademark Office.
"This is an exciting development for InstaPay," stated Harry Hargens, President and CEO of InstaPay. "This patent takes a broad approach to describing methods for implementing secure payment transactions on the Internet. It directly addresses the processes that our payENKRYPT(r) service uses to enable ATM card transactions for web merchants, so we are optimistic that it provides strong protection of payENKRYPT's market position. However, because of the broad approach the patent takes, it may also apply to many other online payment methodologies."
About InstaPay Systems
InstaPay's focus is on the implementation of new payment services provided by its Kryptosima subsidiary, such as the payENKRYPT gateway service for ATM card ("PIN debit") payments. The patented ENKRYPT system works with PC-based and other web-enabled systems to enable secure transactions in retail, home and office environments. For additional information, visit www.instapaysystems.com and www.kryptosima.com
Forward-Looking Statements
Statements about the company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.