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GreenZap Reaches Over 300,000 Members, and Books Over $200,000 in Revenues in First 60 Days of Operations

Posted on: Monday, 12 September 2005, 18:00 CDT

GreenZap, Inc. (Pink Sheets:NPWV), a provider of secure Internet payment services, announced that over 300,000 members have signed on since the launch date, and that it had over $200,000 in revenues during the first 60 days of operations.

GreenZap Vice President of Marketing Linda Murphy stated, "We have met and exceeded our early milestones; we contribute the early growth to our grass-roots, word-of-mouth marketing campaign, and the fact that we are offering a competitive, low-cost alternative to other online payment services." She continued, "We expect our numbers to significantly grow with the implementation of some new functionality launching later this month."

According to Comscore Networks, online spending is growing by 29% annually, and eBay's recent first quarter earnings report showed that its payment division (PayPal(R)) has grown by 56%. GreenZap's system resembles PayPal(R) (eBay's payment processor), in that it allows individuals to open an account and send money to anyone in the world, as long as they have an e-mail address. GreenZap's recent explosion is due to that fact that it charges a flat fee, vs. PayPal's method of charging percentage of each transaction, and GreenZap rewards its members for using GreenZap's services.

GreenZap rewards program compensates its account holders with $25 in WebCash(TM) (GreenZap's trademark rewards dollar), for opening an account, and further rewards members with $5 WebCash(TM) for telling others about GreenZap. WebCash(TM) can only be spent online: used to cover GreenZap transaction fees, to purchase goods and services at a discounted rate in GreenZap stores, or at a number of auction sites, including eBay(R) and Overstock Auctions(R).

"WebCash is an interesting asset, it's just like cash but can only be used through GreenZap and its partnering members and merchants," explained Damon Westmoreland, CEO of GreenZap. "Giving away $25 creates a linked relationship between GreenZap's members and partners, which increases sales, average amount spent and repeat business."

About GreenZap

GreenZap Inc, a San Diego, California-based company, enables any business or consumer with an e-mail address to send and receive monetary payments securely and cost effectively online. GreenZap, with several aspects of its company still in beta phase, is building its network on the existing infrastructure of bank accounts and credit cards to create a global payment system.

GreenZap's system resembles PayPal(R) (eBay's payment processor), except that it charges a flat fee, vs. a percentage of each transaction, and rewards its members for using GreenZap's services. WebCash(TM), GreenZap's rewards dollar, is an electronic currency that can be spent a partner merchants and can be used to pay GreenZap transaction fees.

Since it opened on June 1, 2005, GreenZap has grown to over 300,000 users in 229 countries, and based on traffic alone, GreenZap has found itself in the top 1% of websites in the world, beating out online payment competitors such as moneygram.com, firstdata.com, citigroup.com and Western Union's Moneyzap.com.

Forward-Looking Statements

Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect,""anticipate,""estimate,""project,""forecast,""outlook,""target,""objective,""plan,""goal,""pursue,""on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management, increased government regulation or the company's failure to integrate its acquired companies to achieve the synergies and efficiencies described in the "Management's Discussion and Analysis" section of the Company's Form 10-KSB and other reports and filings with the Securities and Exchange Commission, which may be revised or supplemented in subsequent reports on SEC Forms 10-QSB and 8-K.

Source: Business Wire

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