Good news for eConnect (ECNC)
eConnect Buys Back 1,000,000 Shares of Company Stock
LOS ANGELES, Oct 14, 1999 (BUSINESS WIRE) -- eConnect (OTCBB: ECNC)
announced that on October 12 and October 13, the company purchased
1,000,000 shares of eConnect stock from the market.
"We are focused on buying back a substantial number of shares of
eConnect stock and this is our first action on doing so. We are not
using our working capital funding to effect stock purchases and are
instead working with select partners to begin eConnect stock purchases
so that we can reduce the number of outstanding shares. We are taking
delivery of the stock certificates," stated Thomas S. Hughes, Chairman
and CEO, eConnect.
About eConnect
eConnect is developing Internet alternative payment choices such as
the usage of the ePIN to effect safer credit card or Same-as-Cash ATM
card with PIN transactions.
eConnect will generate a merchant paid fee per transaction. eConnect is
developing additional revenue streams from the launching of ePIN
Cash2Trade, which is Same-as-Cash payments to brokerage firms; the
launching of ePIN Internet Cash Pay Per Play, which is ePIN Web casting
payments; and the September start of EzyShop, publicly placed self
service catalog kiosks.
eConnect is also in partnership with E-SAFE to develop revenue from
legally sanctioned gaming in Australia and Ireland.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Act"). In particular, when used in the preceding discussion, the words
"plan," "confident that," "believe," "expect," "intend to" and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act and are subject to the safe
harbor created by the Act. Such statements are subject to certain risks
and uncertainties, and actual results could differ materially from
those expressed in any forward-looking statements. Such risks and
uncertainties include, but are not limited to, market conditions,
competitive factors, the ability to successfully complete additional
financings and other risks.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
CONTACT: International Investor Relations Group
407/865-9433 (November stock broker presentations)
or
Carnegie Cooke (For eConnect)
Anita Goldberg, 800/262-2331 (Investor Relations)
or
Prima Capital (for ET&T)
Elias Argyropoulos, 800/600-8599
or
Web sites:
www.e-connect.cc
www.ezyshop.cc
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA
INDUSTRY CODE: INTERNET
E-COMMERCE
GAMING
BANKING
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