ConSyGen Schedules Beta Testing for BizPay on June 15, 2001 and Launch by Mid Summer; Company Also Releases First Six Month's Projections for BizPay.Business/High-Tech Editors TEMPE, Ariz.--(BUSINESS WIRE)--May 16, 2001 Today ConSyGen Inc, (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSGI CSGI Common Spatial Gateway Interface ) announced that principal development of their BizPay(TM) payment software has been completed. Final testing and quality assurance will start immediately. Beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the with select merchants and consumers is scheduled to begin on June 15th, 2001. ConSyGen has recently announced partnerships with EarthLink, a top-tier Internet Service Provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. and Cardservice International, Inc., ConSyGen's preferred Merchant Bankcard Service Provider. This group will deploy the "Pay for Play" payment software to merchants and consumers. Assuming the Beta test A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the and live launch are on time, the company is projecting revenues for the first 6 months of BizPay(TM) operations at approximately $9.5 million. This number is based on usage projections of an average of 528,000 transactions per month over the 6-month period, with an average ticket price of $25.00 per transaction, in the first 6 months of operation only. The company used a basis of 5% of EarthLink's consumer base and 10% of their merchant base as "active" to formulate their projections, accounting only for nominal growth over this time frame. "Active" is defined as having placed a single order, with an average ticket price of $25.00, within a calendar month. Lewis Burridge, ConSyGen's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President said, "We are being as conservative as possible with these projections, which were developed with our partners and then reduced by 50%. These projections show only moderate growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. and with the pre-demand for the BizPay(TM) solution that we've seen to this point, we expect that the revenue can only get better." John D. Roskelley, ConSyGen's Vice-President of Research & Development said, "The EarthLink version of the software is on schedule. With the implementation of new testing processes and methodologies, we expect a very minimal QA and testing period. We're very excited to be heading into Beta and are very confident we will meet the projected launch date." The BizPay(TM) solution provides credit card processing to merchants without all of the monthly fees charged by traditional credit card processors. The merchant's rate, per transaction, is slightly higher than the rates charged for traditional merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or , but for the merchant that does under $1,500 per month in credit card sales, which is the BizPay target market, the BizPay solution is the most cost effective service available. Jason Genet genet: see civet. , ConSyGen's Executive Vice-President and COO said, "We have developed a business model targeting an entire group of merchants not currently being serviced by traditional merchant service providers." Genet went on to say, "The relationships we've struck with major processors allows us to migrate merchants, who exceed the $1,500 per month volume threshold, into traditional merchant products, staying in the revenue stream for the entire lifecycle of the merchant, with zero disruption in service to the merchant. Combine that business model with real-time fraud protection for both buyer and seller, no credit card information being passed over the Internet, easy checkout from the shopping cart, and real-time web-enabled reporting makes this product like no other product on the market today, solidifying our competitive advantage and strategic position." ABOUT BIZPAY BizPay USA, Inc. is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ConSyGen, Inc. (CSGI), and was formed for the purpose of launching CSGI's consumer to business (C2B C2B Consumer to Business (consumers naming their price for various products or services) C2B Command and Control Battlelab C2B Consulting to Business C2B Commerce to Business C2B Customer to Business C2B Client to Business ) payment system BizPay(TM). The technology for BizPay(TM) was developed by CSGI and has been granted exclusive license for its use. BizPay(TM) will enable consumers to make online purchases in a safe and secure manner without the need to ever provide their credit card information over the Internet again. Providing customers with a tool to participate in e-commerce in the most secure manner possible will be an enormous boost to e-commerce; it will make online merchant acceptance of BizPay(TM) highly desirable. ABOUT CSGI Established in 1996 as a high technology software development and R&D company, ConSyGen, Inc. has focused its business on providing innovative and superior commerce solutions worldwide. The primary CSGI product lineup includes the Counterfeit To falsify, deceive, or defraud. A copy or imitation of something that is intended to be taken as authentic and genuine in order to deceive another. A counterfeit coin is one that may pass for a genuine coin and may include a lower denomination coin altered so that it may Cop(TM) and BizPay(TM). Websites: www.consygen.com www.bizpayusa.com www.counterfeitcop.com Forward Looking Statements Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve risks and uncertainties that may cause actual results to differ materially from those projected in such forward-looking statements. Factors which could affect results include the development of competing or superior technologies, market awareness, acceptance of ConSyGen's technology or products, the company's ability to attract and retain qualified personnel, the companies ability to protect its proprietary information and other risk factors set forth in the company's SEC filings. |
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