IRVINE, Calif., Sept. 3, 2013 (GLOBE NEWSWIRE) -- General Payment Systems, Inc. (OTC:CPSZD) (the "Company") - a payment processing technology company that specializes in the $500 billion government payment space, is pleased to announce that the company has completed the process of changing its name from Continental Prison Systems, Inc. to General Payment Systems, Inc.
As of the commencement of trading today, the Company's 1-100 reverse stock split is effective. For twenty business days beginning on September 3, 2013, the Company's ticker symbol will be CPSZD. After the twenty day period, the D will be removed and the Company's new ticker symbol will be GPSI.
"We are excited to enter this next important phase for the Company," stated Ron Hodge, CEO, General Payment Systems. "The reverse stock split allows us to now be traded by a much broader class of investors and to introduce our business model to a much larger audience."
"We would also like to take this opportunity to assure the market that the Company has no intention to issue shares to management or consultants throughout the end of the calendar year at minimum," Hodge added. "Management and our partners will at times be incentivized via stock options issued only at the current market price at the time of issuance."
About General Payment Systems, Inc.
General Payment Systems Inc. (dba EZ Card and Kiosk) is a technology company that provides government agencies with proprietary hardware (Kiosks) and cloud based software systems that automate the process of collecting payments from the general public (Cash, Debit and Credit). These systems deliver payment acceptance, real-time accounting and payment risk-mitigation services. The company distributes these technologies through direct sales, channel partners, and various licensed entities.
For more information visit www.ezcardandkiosk.com
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Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. 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. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance isn't necessarily indicative of its future performance. The Company doesn't undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.