WILMINGTON, Del., Sept. 20, 2005 (PRIMEZONE) -- GSB Financial Services, Inc. (Other OTC:GSBF): Management of GSBF clarifies all agreements in place, past and present announcements.
First American Scientific Agreement:
The sales contract signed on March 30th 2001 with First American Scientific (FASC) to purchase a KDS Micronex machine without motor is still pending the payment of $112,500.00 from GSBF (previously Vesuvius, Inc). To fulfill the buyer's conditions, the funds paid were to be held in trust by First American in accordance with the terms of the contract.
First American in their financial statements has filed this contract as: Sales Commitment
The Company has a sales contract with Vesuvius Inc. for the sale of a KDS Micronex. The purchase price of the machine is $225,000 of which Vesuvius paid $112,500 as a non-refundable deposit. Under the terms of this agreement, the KDS was to be delivered at the time of payment in full. Vesuvius cannot meet its obligation to pay the balance. First American and Vesuvius have reached an agreement that Vesuvius will find a third party, acceptable to First American, to purchase the KDS machine, and pay the balance due of $112,500. First American has agreed to apply the forfeited deposit to the sale if a third party is found.
GSBF has a signed sales contract, which states the initial deposit was to be placed IN TRUST by First American and would be refunded if the buyer's conditions have not been met. GSBF has not transferred any obligations of the agreement to a third party and has never notified First American of any such transfer.
Direct Card Services, Inc:
Direct Card Services a division of Direct Response Financial Services, Inc (DRFL), has finally responded to GSBF in their latest 10-QSB filing of the revenue sharing agreement dated May 22nd 2003. GSBF will receive Ten Percent (10%) of all gross receipts revenues derivatives of its accounts with business income from all sources for a period of five (5) years from the date of the first payment.
DRFL has written in its 10-QSB filing, the company has taken the position the agreement is an alleged revenue sharing agreement, and "GSBF has materially breached the terms of the agreement" legally suspending any obligations of DRFL to GSBF.
Electric Vehicle Market:
As previously announced, all business dealings with Vebco International terminated without cause.
The agreement dated September 15th 2004 with Williams & French; DBA/GTT Products is delayed due to a final report from Mr. French. GSBF requested the final report of all contacts, sales leads and relevant information to the company and was presented a lawyer's demand from Mr. French demanding more payment due after Mr. French had been paid in full.
The electric vehicle market will be pursued once GSBF is in the financial position to send representation to China and finalize an agreement with independent distributors in this market.
MoneyBar Technologies, Inc:
As previously announced the directors of MoneyBar have notified GSBF the Memorandum of Understanding has been terminated, as the intentions of the agreement were not met by GSBF.
At this time, there is no pending or threatened litigation from GSBF against any of these companies. Management will undertake legal review of whether or not there exists a legally enforceable agreement with all the companies involved.
THEREFORE, before any investment decision is made, the company advises any investor or shareholder contact their investment advisor to review all information available.
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.