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PayStar Updates Status of InfoStations (Kiosk) Division Divestiture
Friday , February 25, 2005 09:30 ET
LODI, Calif., Feb 25, 2005 (PRIMEZONE via COMTEX) --PayStar Corporation (Pink Sheets:PYST), one of the nation's growing providers of stored value debit cards, bank loading centers for prepaid ATM debit cards and kiosk marketing and management, announced today the spin-off of its InfoStations kiosk division is progressing on schedule. The companies involved in the spin-off are QTI Enterprises, LLC headquartered in Los Angeles and GMM, Inc., an investment firm based in Las Vegas, NV. GMM, Inc. is funding the project with a multi-million dollar commitment. PayStar has completed the due-diligence on the spin-off and the new public company will be named Info$tar Systems, Inc.
William D. Yotty, CEO and Chairman of PayStar, stated: "This divestiture of PayStar's Kiosk division is on track and is expected to close by the end of first quarter. PayStar Corporation will retain considerable equity in Info$tar Systems Inc. The planned stock dividend will benefit our growing group of shareholders."
PayStar is anticipating the completion of this divestiture by April 1, 2005. Info$tar Systems, Inc. will trade on the OTC market.
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.
SOURCE: PayStar Corporation
PayStar Corporation B. Thomas (209) 339-0486 bthomas@paystar.com
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