LODI, Calif., Oct. 19, 2005 (PRIMEZONE) -- PayStar Corporation (Pink Sheets:PYST), one of the nation's leading technology providers of stored value debit cards, Kiosk marketing and management, announced today the spin-off of its InfoStations kiosk division to Strategic Management and Opportunity Corporation (SMOC). PayStar completed the spin-off effective September 30, 2005. The sale included the recent AAFES Photo kiosk Joint Venture agreement and related assets. Proceeds consisted of stock in SMOC and other associated compensation.
William D. Yotty, CEO and Chairman of PayStar, stated; "This divestiture of PayStar's Kiosk division will allow for a much anticipated change in PYST's operating Mission. PayStar Corporation will retain considerable equity in Strategic Management and Opportunity Corporation. The divestiture with its related stock holdings in SMOC will begin PYST's new Mission of operating as a "Holding company". Further divestiture and sale of subsidiaries are in the works and anticipated to close before years end. No assurances can be given that divestiture will be timely."
About PayStar
PayStar Corporation (www.paystar.com) provides its distributors and clients with a suite of prepaid, stored value products, Kiosk marketing and management. PayStar's GLOBALCash, Inc. (www.globalcash.us) distributes prepaid ATM debit and stored value cards that can be used just like regular credit cards. Prepaid ATM debit cards can be used everywhere major credit cards are accepted (stores, restaurants, theaters) and online.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of known and unknown risks and uncertainties that may cause the company's actual results or outcome to be materially different from those anticipated and discussed herein. 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.