Golf Product Technologies, Inc. Announces Acquisition of One World Payment Systems, Inc.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Dec. 2, 2002

Golf Product Technologies, Incorporated (OTCBB:GOFP) has announced its acquisition of 100 percent of the outstanding shares of One World Payment Systems Inc. (OneWPS) from the shareholders of OneWPS for 2,333,334 shares of its restricted stock. As part of the purchase, the controlling shareholder of GOFP returns a total of 4,400,000 shares of common stock to the treasury of GOFP. The company, after the acquisition, has a total of 3,562,084 shares outstanding, comprised of 2,433,334 of restricted stock and 1,128,750 of free trading shares. The Board of Directors have approved a three for one forward split for shareholders of record today, which shall be effectuated in the immediate future, when the proper notification has been made to the regulatory authorities.

OneWPS is a developer of electronic payment solutions and a processor of payment transactions for emerging and specialty markets. It is preparing to launch a new "anywhere, anytime" cash card that can be used by companies to pay their employees and independent contractors. It utilizes a browser-based cash management program, so that the customer can transfer money onto the cards in real time at a cost that is often cheaper than preparing a check. The OneWPS proprietary processing platform also supports multiple payment options for those involved in e-commerce such as companies who compensate affiliate webmasters for referrals and sites that are licensed to conduct games or tournaments and offer cash prizes.

One World has put together a seasoned management team headed by:

Richard Fitzpatrick - CEO 

Richard is the Founder/CEO of the Interactive Gaming Institute (IGI), a non-profit association created to advance, enhance and expedite the implementation of innovative remote gaming by licensed Nevada casinos and to support the growth of gaming-related technology companies throughout the world. His efforts have been instrumental in bridging the gap between Nevada's gaming companies and the technology communities who have the capability to make the casinos' plans a reality.

Mr. Fitzpatrick also brings to OneWPS his experience as a senior executive with LifeWise, Inc., a financial institution that developed a unique niche lending opportunity in the healthcare market place. He has led the start-up of numerous foundations, associations and organizations, in Nevada, his native Michigan and nationally. His background includes being elected to four terms as a member of the Michigan House of Representatives.

Edward F. Panos - President & Chief Operating Officer 

Mr. Edward F. Panos, a veteran Internet entrepreneur, brings over 10 years of experience in development, implementation and execution of start-up businesses to his role as OneWPS President. Edward founded OneWPS having worked in providing consulting to businesses from Microsoft CarPoint, to co-founding Universal Internet Marketing/CyberVegas.com, and Kelsey Entertainment (a Children's Educational Software company). He has held positions as a leader responsible for creating operational plans, Sales and Marketing teams, and managing Software Product Development from inception of idea through market placement.

Philip Denomme - Chief Technical Officer

Mr. Denomme brings extensive experience in analysis, design and implementation of large-scale business solutions to his role as Chief Technical Officer. Prior to helping co-found OneWPS, he led software development for IQ-Ludorum, a global vendor of operational systems for Internet Sportsbooks and Casinos. Phil has over 15 years of experience in the creation of back-office banking solutions including being a co-author of the Bank Internet Payment System architecture brought to market in 1998 by the Financial Systems Technical Consortium. He has provided leading edge e-commerce solutions from positions with Accenture, NCR, and Descartes Systems Group. As Chief Technical Officer, Phil draws upon his experience in business development, financial systems, computer solutions technologies, and software engineering to ensure that OneWPS continues its growth on firm technological ground.

Aaron Oram - Vice President of Marketing and Sales

Mr. Oram brings 5 years of Internet Gaming, Internet marketing and sales experience as Vice President of Marketing and Sales. Aaron co-founded OneWPS based on extensive industry knowledge acquired through hands-on experience with industry-leader iCrystal Inc. and his key role at Up-Tic.com Financial Corp. He has held positions creating and managing sales teams, designing investor relation's campaigns and creating, designing and implementing successful marketing strategies for Internet-related companies.

"The global payments environment is changing drastically. The political, regulatory and technological landscapes are scarcely recognizable from even a year ago. However, most traditional financial institutions are too big, lethargic and bureaucratic to successfully and profitably navigate these changes. Our new corporate structure will allow OneWPS the ability to respond to these rapid global developments and provide payment solutions that effectively and efficiently meet a wide range of money transfer needs," said CEO Richard Fitzpatrick.

The company is committed to following certain corporate governance mandates required by the recent Sarbines-Oxley legislation, and certain recommendations of NASDAQ and AMEX, since it contemplates a listing on one of these exchanges during 2003. These include that the Board of Directors, when fully constituted, will be comprised of more independent individuals than company management, and that the audit committee will be comprised of all independent directors, headed by a financial specialist. Similarly, the Company will retain an independent advisor to the Board that will consult on corporate governance issues, as well as audit the Boards' actions in the monitoring of the actions of the Company's management. Finally, the Company will seek shareholders approval for any management stock options that are granted, and prohibit all loans between the Company and its officers and directors.

About One World Payment Systems:

OneWPS is focused on the provision of advanced electronic payment solutions to the Business-to-Business (B2B) and Business-to-Consumer (B2C) Internet markets. OneWPS provides unique value to the market by integrating payment technologies offered by various financial institutions and payment technology providers in a solution offering thereby providing an aggregated view of the transactions to the Merchants utilizing the OneWPS solution. In addition, OneWPS' payment transaction protocol allows for the bilateral exchange of funds, thereby providing the merchant with the ability to transfer funds to Consumers and other Merchants utilizing the preferred payment mechanisms specified by each party. The Consumer is provided with the benefits of advanced payment technologies utilizing debit as well as credit instruments in an environment tailored to the security, performance, and ease of use that the Consumer requires to conduct funds transfer transactions by international as well as domestic Internet Merchants.

FORWARD LOOKING STATEMENTS:

Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.