GreenZap(R) in Discussions with Fortune 100 Company for Full Scale Payment Solution Friday May 12, 4:01 pm ET
SAN DIEGO--(BUSINESS WIRE)--May 12, 2006--GreenZap, Inc., (Pink Sheets:GZPN - News), a provider of secure online payment services, announced today that it has entered into a non-disclosure agreement with a Fortune 100 Company (the "Company") for the purpose of integrating or acquiring GreenZap's proprietary electronic payment systems. ADVERTISEMENT
GreenZap® was contacted by and began discussions with the Company in March 2006. After performing due diligence, the Company sent a team of its senior management including specialists in the areas of global payments, fraud control, business development and integration and planning to GreenZap's facility in San Diego, California. The purpose of the meetings has been to review GreenZap's capabilities, and determine how the systems would be integrated.
GreenZap and the Company have entered into mutual non-disclosure agreements, allowing both parties to share current and developmental system architecture plans, as well as other proprietary information regarding security applications, payment processing partners, and fraud prevention tools. The non-disclosure agreement however prevents both parties from announcing the respective companies' names until a final agreement is reached.
Damon Westmoreland, GreenZap's CEO, stated, "GreenZap has been growing at an average rate of approximately 2,000 new users per day, and while we have always been confident in our systems, the recent attention we have received has definitely verified our company's capabilities."
About GreenZap, Inc.
GreenZap, Inc., a San Diego, California based company, enables any business or individual with an email address to send and receive money securely and cost-effectively online. GreenZap is building its network on the existing infrastructure of bank accounts and credit cards to create a global payment system. GreenZap's system resembles PayPal® (eBay's payment processor), which reports over 100 million users and a 2005 total dollar volume of payments of $27.5 billion.
GreenZap differentiates itself by charging a flat fee versus a percentage of each transaction, and rewards its members for using GreenZap's services. Since opening June 1, 2005, GreenZap has grown to over 700,000 users.
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements.
Contact: GreenZap, Inc. Linda Murphy, 858-812-3050 linda*greenzap.com
-------------------------------------------------------------------------------- Source: GreenZap, Inc.
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