GSB Financial Services, Inc.: Breakthrough Battery Technology

WILMINGTON, Del.--July 21, 2004--GSB Financial Services (Pink Sheets:GSBF) today announced that it has reached a tentative agreement with Vebco International Inc. (Vebco) to acquire the rights for the newly developed polymer lead acid battery technology developed by it's subsidiary, VEBCO Technologies Inc. Once financial considerations have been met by GSBF, it is anticipated that prototype batteries will be available within 4 months and commercial production is expected to be underway within 12 months. This battery technology will revolutionize the lead acid battery industry as it is now known, will eliminate the weight and travel distance problems faced by the EV (electric vehicle) industry.

GSBF will benefit by the increased Vebco sales due to the advances in battery, motor and controller technologies, which are, and will be, incorporated in the quality line of Vebco electric transportation product lines.

The new battery technology will allow for the development of batteries in a variety of shapes and sizes, with longer life and durability. These batteries will be 25% the weight, 1/3 the size, with 2.2 times the power of a regular lead acid battery and the cost will be comparable to the traditional lead acid battery. These batteries will be produced in 12, 14, 36 and 48-volt configurations. Vebco will produce and market these batteries for a number of end users, world wide and the multi billion dollar battery industry promises to be a positive development both for GSBF and for Vebco.

Michael Westhaver, CEO of Vebco stated; "This is an important advancement for Vebco and we are very proud of our development staff. Not only do we now have what we feel will turn out to be a strong financial partner, we hopefully will have funding for this latest development and for the expansion of quality Vebco products for world wide distribution."

Gary Burnie, President for GSBF stated: "This is a major step for our shareholders, who now will be on the cutting edge of this new technology in batteries, and will have the added stability of a world-class, quality choice in electric transportation".

Vebco products range from a variety of quality electric bicycles to golf carts, electric vehicles and electric scooters. The Vebco site is: www.vebcointernational.com.