GSB Financial Services Announces Acquisition.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Nov. 29, 2001

GSB Financial Services, Inc. (GSBF), (Pink Sheets:VUVV) today announced that it has completed the acquisition of GSB Financial, Inc. (GSB), a private corporation, in an all-stock transaction.

The newly acquired subsidiary integrates and operates as an ASP (Applications Service Provider) with proprietary e-commerce technologies that allow it to exploit opportunities in the Financial Services Industry. These proprietary technologies are either licensed to Financial Institutions or incorporated into its own proprietary operating units. Currently, GSB is focused on two specific technology channels.

GSB's first technology focus is on risk mitigation and loss reduction in e-commerce transactions. It provides Risk Management technology to financial institutions acting as an acquirer and issuer for all card type transactions. The Risk Management technology operating in a real time environment is designed to lower credit card fraud and charge-back risk. With all card type transactional risk mitigated, financial institutions will have eliminated a major impediment to increased merchant banking activities.

GSB is developing a second technology, creating alternative methods for the transmission of funds from one country to another at a lower transaction cost to the end user. This process, when completed, will allow Strategic Partners employing the GSB methodology to enjoy a competitive advantage when transmitting financial transactions.

GSB also has as a long-term goal for the creation of a third technology focused on e-Finance. Through development or acquisition, GSB hopes to implement new and innovative technologies and methodologies that enhance existing e-Finance business. This includes the development and application of wireless devices for payment of services and products.

Mr. Steve Browning, CEO of GSFB said, "GSB is leading the way in the finance industry with forward-looking technologies through its technology partners. The acquisition of GSB by GSFB presents great opportunities for the company in the newly developing e-Finance environment. I am particularly excited about the future business opportunities now available through the growth of the Internet."

For up to date corporate information about GSB Financial Services, Inc., call Alliance Corporate Services, Investor Relations - 866-380-2274 or e-mail at [e-mail].

Statements which are not historical facts are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.