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Non-Tech : Sungold International Holdings Corp. (SHIHF) -- Ignore unavailable to you. Want to Upgrade?

To: Troy Griffin who wrote (8)	5/4/2001 8:30:06 AM
From: Troy Griffin	Read Replies (1) \| Respond to of 20

SUNGOLD NEWS RELEASE May 4th, 2001 Vancouver, British Columbia [Business Wire] May 4, 2001. Sungold Entertainment Corp. (OTC Bulletin Board: SGGNF News) announces that an agreement has been completed for the acquisition of the entire world wide right, title and interest to the internet payment system technology of SafeSpending Services Inc. The internet payment system business is a growing multi billion dollar market. The acquisition agreement with SafeSpending includes all copyrights, trademarks, source codes and SafeSpendings' intellectual property. Under the terms of the agreement Sungold has agreed to pay a 7.5 percent royalty of net revenue relating to the technology and 330,000 common shares in the capital of Sungold Entertainment Corp. upon Sungold or it's subsidiary Horsepower Broadcasting Network Inc. receiving $1,000,000 in net revenue from the sale or license of the technology. The SafeSpending internet payment system is a pre-paid spending system that uses cards with a unique PIN number which can be used to make purchases online from merchants or individuals. A survey by Odyssey Online found that 83 percent of respondents said that payment security concerns prevented them from shopping online. The alternatives to credit and debit cards being offered as more secure alternatives, such as Smart Cards, fail to address consumer concerns about privacy. SafeSpending has developed a system which allows consumers to pre- purchase spending cards of a certain value that will enable the consumer to purchase online without divulging any personal, confidential information as would be necessary if one used a credit card or any other traceable transaction service. The pre-paid cards will be of a certain value (e.g. the cards value will come in $25.00, $50.00, $75.00 and $100.00 increments), allowing the consumer to choose which card best suits their purchasing needs. The cards will be available behind the counter at most major retailers. Online merchants can be assured of almost immediate payment, and pay a smaller fee to the Company for use of the SafeSpending payment system than they would usually pay to a credit card company. Merchants accepting prepaid spending cards would be immune from fraud. Music and media outlets, looking for ways to tap into the vast teen market online, may find prepaid spending cards a solution to their current marketing dilemma. Individuals selling on auction sites could receive payment from bidders by providing SafeSpending with an account number. Conversely, auction sites are looking for solutions to the fraud for which their sites are becoming infamous. Online gamblers can monitor their wagering by using age restricted SafeSpending cards instead of credit cards.