Default Proof Credit Card System Inc. announces intention to file a Uniform Limited Offering in a number of states

Business Wire, June 26, 1996

MIAMI--(BUSINESS WIRE)--June 26, 1996--Default Proof Credit Card System Inc. an OTC publicly trading corporation (OTC BB:DPRS), announced that on or about next July 15, under the Securities and Exchange Commission Regulation D, it intends to file a Uniform Limited Offering in a number of states.

The proceeds from this offering will be used as working capital for a new aggressive marketing campaign.

Presently the company's shares are trading under the DPRS symbol on the Over The Counter market.

Default Proof Credit Card System Inc., has the exclusive license to a patented system that will enable owners of life insurance policies with cash surrender values to obtain a collateralized line of credit pursuant to the issuance by a bank or other financial institution of a credit or debit card, such as Mastercard or Visa.

Vincent Cuervo, the company's president, was issued a United States patent No. 4,718,009 and No. 5,025,138, and a related Canadian patent No. 1,280,213. Cuervo has licensed to the company the exclusive worldwide rights to use and exploit the patents.

Under the patented method and system, applicants who own life insurance policies with cash surrender values, will assign to Default Proof Credit Card System as collateral, the cash surrender values of their policies in exchange for a line of credit from the participating bank. The line of credit will be equal in size to the amount of the assigned collateral through the issuance of a credit or a debit card. The collateral will be used to protect the issuing bank from the cardholders' failure to pay credit or debit card balances when due. -0-

NOTE TO EDITORS: In the Internet/email address noted in this news release, there is an "at" symbol between defaultpro and aol.com. This symbol may not appear properly in some systems.

CONTACT: Default Proof Credit Card System Inc.

Vincent Cuervo, 305/856-4711

Email: defaultpro@aol.com