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Municipal Payment Systems, Inc., (Pink Sheets:MCPY), formerly known as Columbia Bakeries, is pleased to report that the merger transaction approved by the Florida Bankruptcy courts in July of 2006 has been formally completed. To properly reflect the name of the Company, the Company�s ticker symbol has also changed from CBBS to MCPY. �We are pleased to have completed all the various requirements to become a publicly held corporation and begin moving forward in securing the resources that will enables us to begin deployment of our online bail payment systems,� said Mr. John Bergmann, the Company�s President and founder. �I am excited in this pioneering program that offers efficiencies and cost savings to local government and municipalities for processing bail and fine payments. Since my days at ITM Corporation I have envisioned a system that parallels the hotel industry�s �In-Room Checkout� system and felt that such a system could drastically improve the bail and fine process for not only governments but also those individuals and their family members that unfortunately find themselves in a situation requiring them to post bail or pay fines.� Business Profile of Municipal Payment Systems Municipal Payment Systems, Inc. is the first company in the United States to begin offering bail and fine payments through the Internet and ATM style transactions. The initial thrust of the system is to provide transaction services for bail payments of up to $5,000 through ATM kiosk machines installed at the county correctional level. This integrated internet based system is designed to instantly capture misdemeanor bail and fine payments 24 hours a day, 365 days a year. In addition to ATM style transactions, the Company also has an �ebail terminal� that is set up at the local level holding station, where a person (once they have the offender�s id information) can pay for the offender�s bail over the internet and the voucher representing payment is printed at the holding center, before the offender is transferred to the county holding facility where the ATM kiosk machines are installed. The offender, or the party paying the offender�s bail, can use any number of credit cards or bank accounts to fund the voucher. Once the Bail is funded, the ATM kiosk prints out a voucher which is presented to the clerk and accepted as cash. The funds are held by Judicial and swept to the municipality�s bank account on the next banking day. The United States judicial system currently handles nearly $10 billion per year in bail, fines, citations, plus $42 billion in court fees and judgments. Misdemeanor bail alone generates between $2-3 billion per year on a national level. By this design the Company has identified 93 premium markets and more than 300 non-premium markets. The Company plans to roll the ATM Kiosk machines out to the 93 premium markets within the first three years. Management John R. Bergmann, the Company�s founder and President, has an eighteen year background in engineering, marketing, and sales in the manufacturing and communications industries throughout the United States, Asian, and South American markets. In 1992, Mr. Bergmann founded Interactivo SA, a joint venture with TeleVisa SA de CV and ITM Corporation, created to service the Mexican and Latin American markets. Interactivo is the largest Interactive Pay-Per-View movie system in South America today. In 1989 Mr. Bergmann, as Executive Vice President, grew Hospitality Network Inc. (an ITM affiliate) from $1.2 million to $19 million in just 3 years. ITM equipment is still the most popular interactive pay-per-view systems, installed in the largest hotels in the world. Dr. Steven J. Baileys, the Company�s Chairman and CEO, has carried various executive positions at SafeGuard Health Enterprises, since 1981, where he was President and COO from 1981 to 1997 and CEO from 1995 to 2000, SafeGuard Health Enterprises, Inc. provides dental plans, indemnity dental plans, vision benefit plans, administration services, and preferred provider services to approximately 1,000,000 members. Since 1996, Dr. Baileys has been a member of the Southern California Young Presidents Organization and since 1992 has been a member of the American Cancer Society Board, Orange County Region. Additionally, Dr. Baileys was previously on the Proctor & Gamble Dental Management Care Advisory Board from 1991-1994. Dr. Baileys received his Bachelor of Arts in Biology, University of Colorado 1976, Doctor of Dental Surgery Degree, Georgetown University School of Dentistry 1982. For further information about the Company and its management please visit www.municipalpaymentsystems.com. About Municipal Payment Systems, Inc. Municipal Payment Systems, Inc. offers an integrated network payment system designed to electronically capture and disburse payments of bail, fines, citations, court fees and judgments for local governments and municipalities. Through the deployment of ATM kiosk systems and desktop terminals, the Company provides an alternative to the traditional cash based posting of bail and provides an online interface between the jailer, the person posting bail and administrators 24 hours a day, 365 days a year. For more information please visit our website www.municipalpaymentsystems.com This document includes forward-looking statements. All statements regarding Municipal Payment Systems, Inc., including, without limitation, expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from expectations or projections. Municipal Payment Systems, Inc. does not undertake any duty to update such forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include the ability to fund operations, actions of competitors, consumer acceptance of existing and new product offerings, and changes in general economic conditions. Many of these factors are outside of the control of Municipal Payment Systems, Inc.