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PayStar completes one deal, cancels another

March 10, 2002

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LODI, Calif. - Internet kiosk and wireless banking provider PayStar Corp. (OTCBB:PYST) has completed a deal to purchase all 200 Internet kiosks owned by Baltimore-based iCatcher Network Inc. But the company also announced on Oct. 1 that it would not complete its transaction of 1,000 public Internet kiosks owned by eKiosk Corp. of New Lenox, Ill.

The iCatcher kiosks are located at chain dining establishments, including TGIFridays, Chili's, and Hooters. PayStar plans to convert the kiosks to pay-per-use by installing its Gold Sprocket Internet kiosk software. The company estimates the purchase will add an additional $2 million in annual revenue.

As part of the agreement, iCatcher chairman and founder John Shin will join PayStar as vice president of kiosk operations. Shin will be responsible for deploying the company's software and developing its virtual network strategy, according to a PayStar news release.

The eKiosk deal was announced in August, around the same time the iCatcher arrangement was reached. But PayStar said the nature of the agreement had been altered and it was no longer feasible to complete the deal. The company did not elaborate on those changes in a news release.