August 02, 1999 08:00
eConnect Announces Significant Progress in Development of P.E.R.F.E.C.T. Transaction Technology, Expects First Revenue from This Product in October in its Efforts to Expand Internet Commerce from Credit to Same-as-Cash
LOS ANGELES--(BUSINESS WIRE)--Aug. 2, 1999--eConnect (OTC BB:ECNC), a fully reporting company, today announced that it has achieved several significant milestones in the development of its P.E.R.F.E.C.T.(TM) technology, and expects to generate its first revenues for this Same-as-Cash(TM) technology this October.
According to an eConnect spokesperson, "We are extremely pleased with progress to date. Our development team has moved from the specification and design stage to the code development stage on schedule. Software is now being written based on a detailed specification, developed by our programmers, reviewed in detail by our project managers and system architects, and reviewed conceptually by a number of our business partners. This means that we are on track to deliver a 'rapid prototype' for marketing purposes in August, and move to field trials late in September. Revenue generation should begin in October, allowing us to benefit from the high volume of Internet Christmas shopping in November and December."
"We expect to be the first organization to comprehensively offer Internet merchants the ability to accept Same-as-Cash(TM) ATM card transactions over the Internet, using a process in which the consumer enters their bank assigned PIN number. The PIN number and other transaction data will be encrypted in a manner that meets and exceeds ATM network standards, for transmission to our proprietary host system for processing. This process will protect both the consumer and the merchant.
Due to the lower rates associated with ATM card acceptance, and the reduced risk of accepting ATM card payments (since the PIN entry verifies that the cardholder was present), and based on expressed interest from well known Internet services, we expect large numbers of Internet merchants to sign up for Same-as-Cash(TM) this Fall."
eConnect is a publicly traded company, focused on eCommerce. eConnect owns and operates Internet sites and kiosks, and markets P.E.R.F.E.C.T.(TM) services to enable other Internet merchants to accept ATM Card payments from consumers. eConnect is already generating revenue from web sites and services that it operates or licenses technology to, and projects revenues to grow rapidly as new Same-as-Cash(TM) business applications are developed, and as P.E.R.F.E.C.T.(TM) processing services are provided to Internet merchants.
The eConnect service of EzyShop (http://www.ezyshop.cc) is focused on offering P.E.R.F.E.C.T(TM) self service shopping to consumers in the SouthBay cities of Los Angeles and has begun the distribution of free EzyShopper Kiosks to select high traffic public waiting areas where the waiting consumer can shop from name catalogs. EzyShop generates from 6% to 8% net of each catalog product purchase and is paid by the vendor. "We are in start up mode and will use the next few months to work the EzyShop business into a revenue producer in time for the Christmas season," stated an eConnect spokesperson.
This press release contains forward looking statements subject to the safe harbor act created by the Securities Litigation Reform Act of 1995. Management cautions that these statements may include projections and estimates of future performance and involve certain risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of factors such as changes in the marketplace, unanticipated competitive activity, a downturn in economic conditions, or delays in product development.
CONTACT: For eConnect
Carnegie Cooke
Anita Goldberg, 800/262-2331 (Investor Relations)
or
For ET&T:
Prima Capital
Elias Argyropoulos, 800/600-8599 |
