News

PayStar cuts off payphones

February 19, 2002

Summarize withChatGPTGrokPerplexityClaude

LODI, Calif. - PayStar Corp. (OTCBB:PYST) will enter 2002 with an increased emphasis on its Internet kiosk holdings after announcing on Dec. 20 that it had disconnected from the payphone sector.

The company announced that management responsibility for a network of nearly 2,000 pay phones, located primarily in California, has been shifted to Tri-Tech Communications LLC.

Company officials said its payphone business had experienced negative cash flows in the past year, and the company wanted to shift its focus to other divisions, including its Internet kiosk network.

"PayStar's strategic focus has shifted from the Legacy payphone business to the next-gen wireless, kiosk, and prepaid services," William D. Yotty, PayStar chairman and chief executive officer, said in a news release. "We have completed several mergers and acquisitions within the Internet kiosk industry this past year and we anticipate our future growth will continue in the kiosk and financial services markets."

PayStar announced in November that it had signed a letter-of-intent to purchase 400 Internet kiosks from NP Communications (See story: PayStar adding kiosks to network).