ATLANTA, June 28, 2004 (PRIMEZONE) -- InstaPay Systems, Inc. (OTCBB:IPYS) announced today that it has requested that the Berlin Bremen and Frankfurt stock exchanges remove their listings for InstaPay.
"Many recent articles in the press have discussed hundreds of companies listed on the Berlin Bremen and Frankfurt exchanges this year without their knowledge or consent," stated Harry Hargens, President & CEO of InstaPay. "Many of these articles voice a widespread concern that these overseas listings may provide manipulators with a way to circumvent new SEC and NASD rules designed to prevent naked shorting."
Hargens continued, "InstaPay has stronger fundamentals than many companies in the OTCBB, with a solid business plan, patented technology, access to working capital and a strong management team to execute our plans. Nonetheless, shorter sellers can attack even good companies, and protecting our shareholder value from such attacks is paramount. Therefore, we have demanded that these overseas listings for InstaPay be removed, thereby eradicating the possibility that these listings might be used to short our stock."
"For the most part, our stock price has trended down since we were listed on these exchanges, despite the fact that we have issued no negative news and our fundamentals are unchanged. I find it an interesting coincidence that these exchanges received our demand this past Thursday evening, and our stock price jumped 25% Friday," Hargens noted.
About InstaPay Systems Inc.
InstaPay's focus is on the implementation of new payment services, such as ATM card payments from home or office. 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.