Company Also Releases First Six Month`s Projections for BizPay
TEMPE, Ariz., May 16, 2001 -- Today ConSyGen Inc, (OTCBB:CSGI) announced that principal development of their BizPay(TM) payment software has been completed.
Final testing and quality assurance will start immediately. Beta testing 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 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 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 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 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, 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, 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.`
BizPay USA, Inc. is a wholly owned subsidiary of ConSyGen, Inc. (CSGI), and was formed for the purpose of launching CSGI`s consumer to business (C2B) 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.
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 Cop(TM) and BizPay(TM).
Websites: www.consygen.com www.bizpayusa.com www.counterfeitcop.com
Forward Looking Statements
Forward-looking statements 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.