ATLANTA, April 29, 2004 (PRIMEZONE) -- InstaPay Systems, Inc. (OTCBB:IPYS) announced today that it had filed its 10-K annual report. The report is viewable at www.sec.gov as well as www.freeedgar.com.
Harry Hargens, President of InstaPay commented, "We're pleased to present a report that shows InstaPay moving forward after its acquisition of Kryptosima in 2003. The report outlines milestones achieved during 2003, and important subsequent events in 2004."
"As a result of acquiring Kryptosima, InstaPay now has a tightly focused business plan, and has begun to generate revenue. While revenues generated so far are small, we are optimistic that sales will increase in 2004. Also as a result of the acquisition, InstaPay shows significant assets on its books of $586,034 for the first time."
Kryptosima has introduced what it believes is the first gateway service that can enable Internet merchants for ATM card acceptance. Merchants generally pay a fixed fee per transaction for PIN/debit transactions, unlike credit card transactions that charge a percent of the transaction. Therefore merchants may choose to lower overall transaction costs by offering PIN debit payment solutions to consumers.
Because of its unique patent-protected capabilities, Kryptosima is well-positioned to pursue the market for eCommerce payments. According to US commerce department statistics and other industry estimates, eCommerce reached almost $100 billion in 2003 and continues to grow at double-digit rates. That figure covers only the USA. The worldwide figure is larger and also growing. (See http://www.census.gov/mrts/www/current.html for current eCommerce statistics)
About InstaPay Systems Inc.
InstaPay's focus is on the implementation of new payment services, such as ATM card payments from home or office. The patented, easy to use Kryptosima system works with any desktop or laptop computer, enabling consumers to conduct secure transactions from any location without fear of identity theft. 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.