IRVINE, Calif., July 17, 2013 (GLOBE NEWSWIRE) -- Continental Prison Systems, Inc. (OTC:CPSZ) (the "Company") is pleased to announce that shares sufficient to constitute a quorum under the Company's Bylaws were present either in person or by proxy at the July 16, 2013, annual meeting and, therefore, the Company transacted business. Stockholders voted in favor of all proposed items, which were:
- An amendment of the Company's Articles of Incorporation increasing the number of shares of common stock the Company is authorized to issue from 1,000,000,000 to 2,000,000,000;
- An amendment of the Company's Articles of Incorporation changing the Company's name from Continental Prison Systems, Inc. to General Payment Systems, Inc.;
- An amendment of the Company's Articles of Incorporation authorizing the Company to issue one share of Series A preferred stock, par value $1.00;
- A reverse stock split through which the issued and outstanding shares of the Company's common stock are reversed one for one hundred, while the newly increased authorized shares (i.e., 2,000,000,000) are reversed one for twenty;
- The issuance of 118,000,000 pre-reverse split shares of common stock to management and consultants as payment for services performed; and
- The election of Ronald Hodge, James Sylvester, and Vinay Patel as directors of the Company.
Ron Hodge, CEO, commented, "The Company is grateful that a number of supportive stockholders attended the meeting. With this hurdle cleared, the Company now seeks to make further progress in the government payment space and to reward loyal stockholders with a share price that better reflects our successes in the marketplace."
About Continental Prison Systems
Continental Prison 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.