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GSB FINANCIAL SERVICES (Symbol: GSBF)
Latest price: 40 cents


GSBF could trade up dramatically on this news announcement,
released after market close. The figures in the press
release speak for themselves. It' s a powerful story, which
should certainly excite people and this so far overlooked
company could soon take on a high profile. At just 40 cents
the potential for large short-term gains is huge. Long-
term profits here could be exponential.


GSB FINANCIAL SERVICES ANNOUNCES MERCHANT CARD PROCESSING
BUSINESS OPPORTUNITY

LOS ANGELES, Jan 24, 2002 -- GSB Financial Services Inc.
(Symbol: GSBF) Thursday announced it is in negotiations for
the placement and processing of up to $100 million per
month in credit card transactions.

GSBF and its alliance partners provide data processing for
credit card transactions accepted by merchants as payment
for goods and services.

GSBF is in advanced stages of an agreement with merchants
who have credit card processing business and with acquiring
banks that process such business. GSBF will receive a
minimum of 2 percent of all placed processing business.

GSBF, as part of this transaction, will employ certain
technologies it has under license to expedite credit card
processing with the acquiring bank, which will do the data
processing and actual collection of funds.

Steve Browning, chief executive officer of GSBF, said, "We
are quickly achieving our targets for the acquiring bank
business. By providing the merchant and the processing bank
advanced technology solutions, we are helping both sides of
the transaction to lower credit card fraud risk and to
increase profits.

"So far, our proprietary business model is being accepted
by merchants and financial institutions alike."

About GSB Financial Services Inc.

GSBF is a 21st Century financial group. It employes cutting-
edge technology to take advantage of existing and emerging
e-commerce and e-finance opportunities. GSBF expressly
looks to the banking and finance industries to increase its
market share.

GSBF markets to existing credit card processors, credit
card issuers and high-technology companies looking for new
and innovative means to increase profits and customer
satisfaction. GSBF has offices in the United States and
Canada.

For up-to-date corporate information about GSBF,
international callers contact Brian Longpre at 011-4194-912-
2760; North America callers contact Ron Hendrickson at
877/609-0442 or Al Marchi at 480/949-7965. (For previous
news releases and company profile click on
www.otcinfo.net.)

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 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.

CONTACT:
GSB Financial Services Inc.
Brian Longpre, 011-4194-912-2760 (international calls)
Ron Hendrickson, 877/609-0442 (North America calls)
or
Al Marchi, 480/949-7965


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Services, Inc. from a third party as compensation for the
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