PayStar completes $20M cashless ATM deal

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PayStar completes $20M cashless ATM deal
Tags: Transaction Processing
January 18, 2001

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LODI, Calif. -- PayStar Communications Corp., (OTC BB:PYST), has announced that its wholly owned subsidiary, US Cash Exchange Inc., completed its national distributor agreement with Summit Technologies LLC (STL) and Summit's marketing affiliate, National Equipment Providers (NEP), for the sale and placement of $20 million in cashless ATM equipment during 2001.

"We are extremely excited by the finalization of this agreement," said William D. Yotty, chairman of the board of PayStar. "It will effectively increase installations of cashless ATM's to over 8000 retail locations nationwide."

Yotty said the agreement will enable PayStar to double its revenues compared to last year with "significant profitability."

"We look forward to expansion of installations beyond these initial commitments," Yotty added.

The additional installments will increase PayStar's operating base to nearly 12,000 retail merchant locations with ATM and/or telecom services. Through its customer care division, PayStar will be able to further expand same-store revenues by cross-selling its diversified communications and financial services.