IRVINE, Calif., Aug. 16, 2013 (GLOBE NEWSWIRE) -- Continental Prison Systems, Inc. (OTC:CPSZ) (the "Company") - a payment processing technology company that specializes in the $500 billion government payment space, is pleased to announce that it has received FINRA approval for the previously announced 1-100 reverse stock split, name change, and symbol change. The Company's new name will be General Payment Systems, Inc. when the market opens on September 3, 2013. For twenty business days beginning on September 3, 2013, the Company's ticker symbol will be CPSZD. After that twenty day period, the D, which signifies that the reverse stock split occurred, will be removed and the Company's new ticker symbol will be GPSI.
"Our new corporate name allows the company to more effectively convey our core purpose and intent, to become a leader in the vast municipal payment space," stated Ron Hodge, CEO, Continental Payment Systems. "While we are most appreciative of the solid footing that our successes in the corrections space have afforded us, we know for the benefit of this company and its shareholders that a brighter future lies in the penetration of the enormous municipal payment market where our proven technology has the potential to handle payments for taxes, tickets, utilities, and much, much more."
"We have already accomplished a number of important milestones in municipal payments. Now it is time to take our operations to the next level," Hodge added.
Shareholders of record at the end of trading on September 2, 2013, will be affected by the 1-100 reverse stock split. When the market opens on September 3, 2013, every one hundred (100) shares of issued and outstanding common stock will be converted into one (1) share of common stock. All fractional shares created by the reverse stock split will be rounded to the nearest whole share. If the fraction created is one half or less, it will be rounded down to the nearest whole share. If the fraction is more than one half, it will be rounded up to the nearest whole share. Each shareholder will get at least one share. The reverse stock split will also reduce the Company's authorized common stock from 2,000,000,000 to 100,000,000.
The Company's transfer agent, Action Stock Transfer, will adjust its records to reflect each shareholder's post-split position. Share adjustments to certificates can be made upon surrender to the transfer agent. Please contact Action Stock Transfer for further information and costs. Action Stock Transfer can be reached at (801) 274-1088 or info@actionstocktransfer.com .
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.
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