LODI, Calif., Jan. 13, 2005 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's growing providers of stored value cards and national bank debit card load services, announced today the signing of an agreement with Cyphermint, Inc. for loading funds onto Cyphermint Pay Cash NOW Visa(r) debit cards. Under this partnership Cyphermint will implement PayStar's proprietary nationwide bank funds loading services with its cardholders. The service will utilize four national leading banks with over 10,000 branch locations where Cyphermint cardholders may conveniently replenish funds on their NOW Visa(r) cards.
Joe Barboza, President and CEO of Cyphermint, stated that "We are ready to launch this program into several accounts nationally and expect rapid deployment of this service on our NOW Visa(r) cards beginning this month. We are confident that our customers will embrace the funds loading convenience as it further enhances the financial independence of our cardholders. This service expands the partnership we already have with PayStar and we are excited about adding this new capability to our card platform."
William D. Yotty, Chairman and CEO, PayStar Corporation, stated "Cyphermint is expanding quickly with several new card marketing initiatives and we are pleased about the opportunity to be involved with their continued market expansion."
About Cyphermint
For more information about the PayCash Visa(r) or other PayCash products, please contact Kenneth Stempler, VP of Sales, Cyphermint at 508-787-4811 or by email at sales@cyphermint.com. Learn more about Cyphermint at www.cyphermint.com.
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.