LODI, Calif., Nov. 1, 2005 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's growing Investment Holding companies with assets in providers of stored value debit cards and Kiosk marketing and management firms, announced today the completion of the spin-off of its GLOBALCash prepaid ATM debit card division to Pacific Financial Solutions, Inc. (Pink Sheets:PFUO). The spin-off has been in the works for several weeks and after reviewing offers from other M&A candidates, Pacific was selected. The sale includes both existing and pending GLOBALCash payroll, retail and affinity projects. The proceeds of the sale consisted of over 3,000,000 common shares of Pacific and other related compensation.
William D. Yotty, CEO and Chairman of PayStar, stated; "This divestiture of PayStar's GLOBALCash division significantly enhances PayStar's new strategy of becoming an Investment Holding Company." Mr. Yotty continued, "Although other division divestitures will be entertained, the leading divisions have now been sold and the company is holding significant stock resources in the acquiring firms."
About PayStar
PayStar Corporation (www.paystar.com) is rapidly becoming a diverse Investment Holding company in the self-serve industries of financial and self-service products and kiosks. Recent divestitures have given PayStar significant stock assets in Kiosk and prepaid ATM debit card (stored-value) companies. PayStar will continue to entertain divesting existing company divisions while seeking out strategic investments in the unbanked and self-serve related private and public companies.
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 is not necessarily indicative of its future performance. The Company does not 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.