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PlayStar Corporation - Company Announcement
Business Wire - April 26, 1999 11:48
ST. JOHN'S, Antigua--(BUSINESS WIRE)--April 26, 1999--(OTC Bulletin Board:PSCKF) Playstar Wyoming Holding Corporation, PSCKF, is pleased to announce a joint venture agreement with MasterPay Limited of Nevis, W.I.
Under the terms of the agreement, NetEngine, a wholly owned subsidiary of PlayStar, will supply internet credit card processing solutions to South Bank and Trust Co. Ltd. of Montserrat and Multicredit S.A. of Guatemala. MasterPay, with its status as "Master Merchant", will provide administration and supervision of all merchant accounts.
MasterPay projects that initial processing will be in the range of $20 million per month and that NetEngine will share in varying degrees of percentage participation.
Stuart Brazier, CEO of PlayStar, commented, "Even though it will take us 60 days to "ramp up", I expect net income for online credit card processing will be north of $2,000,000 for the calendar year ending December 31, 1999. While the MasterPay agreement is a substantial first step, we are extremely excited about our relationship with both of these financial institutions."
Estuardo Benavides, President of South Bank and Trust, said, "Given the current excitement and proliferation of internet commerce, the bank anticipates processing $500,000,000 worth of transactions in the coming year.
"It is the bank's goal to be one of the leaders in this field and the extraordinary software developed by NetEngine will allow our plans to unfold sooner than we might otherwise have anticipated. Online security has always been of primary concern to this institution, and given NetEngine's robust 2,048 bit encryption, we now feel confident that we can obtain our goal of being a premier online virtual banking network."
In a non-related matter, PlayStar announces the filing of all appropriate documentation with the S.E.C. As a result, the company's stock symbol has reverted back to PSCKF.
The statements in this press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to safe harbor created by these sections. Actual results may differ materially from PlayStar's expectations.
CONTACT: PlayStar Corporation
Stuart Brazier, 800/977-7787
email: stuart@playstar.com
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