SOURCE: Global Pay Solutions

May 22, 2007 09:15 ET

Global Payment Solutions Reaches Agreement to Provide 70,000 Card Payroll Program

Agreement Expected to Increase Annual Revenues by $2.9 Million

SAN DIEGO, CA -- (MARKET WIRE) -- May 22, 2007 -- Global Pay Solutions Incorporated (PINKSHEETS: GPSI) announced today that it has reached an agreement with the LIGA Municipal Dominicana (LMD) to provide payroll cards to up to 70,000 municipal workers of the Dominican Republic. This agreement will provide the Company with initial revenues estimated at $400,000 from the purchase of the cards by LMD. Based on the Center for Financial Services Innovation, February 2007 research study of cardholder spending on prepaid cards, the company expects to receive card service transaction fees of approximately $3.00 per card each month or estimated annual transaction revenue of $2,520,000.

LIGA Municipal Dominica was formed in 1955, as a government body, to facilitate problem solving and consultation between and for all of the municipalities of the Dominican Republic. LMD is responsible specifically for allocating central government transfer payments to municipalities, for approving municipal budgets and for technical support to municipalities, as one of their functions, LMD acts as the payroll department for all of the municipal agencies and their employees.

The payroll services program will be directly managed by GPSI Dominicana, a division of GPSI operating in the Dominican Republic. GPSI Dominicana will be supplying payroll card services to the LMD's municipal workers throughout the 31 provinces in the Dominican Republic. GPS's payroll cards will provide workers with access to their funds through ATMs throughout the world, as well as additional goods and services.

"This program will save LIGA Municipal Dominicana a measurable amount of time and expense in processing payroll for the municipalities in the Dominican Republic," stated David Kowal, President of GPSI. "Workers receiving these cards will have greater access to their funds, greater access to goods and services that many of them are unable to receive today as well as significant savings by eliminating check cashing fees and wire transfer fees."

ABOUT GLOBAL PAY SOLUTIONS INCORPORATED

Global Pay Solutions is an independent sales organization composed of Stored Value Industry insiders and market specialist dedicated to the production of a superior, monolithic brand of Stored Value products and associated ancillary goods and services. Visit: www.globalpaysolutionsinc.com

For further information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, and #800-631-8127.

This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Such statements are subject to risks and uncertainties and other factors. In addition to statements, which explicitly describe such risks and uncertainties, statements with the terms "believes," "belief," "expects," "plans," "anticipates" and similar statements should be considered uncertain and forward-looking.

Contact Information

  • Contact:
    Rich Kaiser
    Investor Relations
    YES INTERNATIONAL
    #800-631-8127