ECHO Receives $1.1 Million Equipment Order
AGOURA HILLS, Calif.--(BUSINESS WIRE)--Feb. 10, 2000--Electronic Clearing House Inc. (Nasdaq: ECHO) Thursday announced the receipt of orders in excess of $1.1 million from U-Haul International (UHI), Phoenix, for ECHO's EB920 terminals.
The EB920 terminal is presently used by over 11,500 U-Haul dealers who participate in the U-Haul C.A.R.D. program to track inventory rental, financial settlement and all reporting obligations between the dealer and U-Haul corporate. Delivery is scheduled to occur during the third quarter of fiscal 2000, ending June 30, 2000, and, when fully deployed, over 14,000 U-Haul dealers will be connected nationwide using the EB920 terminals and operating over the ECHO network.
"We think the need for more systems indicates several things," stated Joel M. Barry, CEO of ECHO.
"First, U-Haul is growing and it underscores the value U-Haul presents to prospective dealers in today's market. Secondly, it speaks directly the reliability of both the hardware and software systems ECHO has developed for the U-Haul C.A.R.D. system. Finally, it indicates the continued commitment of U-Haul to fully automate all their dealers into a single national, proprietary network through which current and future products and services can be delivered," stated Barry.
"We are pleased to be a partner in the U-Haul automation process."
In addition to generating rental contracts, tracking inventory, transaction processing of credit card authorizations, and providing financial reconciliation between dealers and U-Haul corporate, ECHO also provides on-going hardware and software engineering, national depot repair for all systems and 24/7 customer support help desk service.
Since July, 1999, ECHO has managed the credit card processing service for U-Haul's independent dealers who participate in the Preferred Dealer Program which allows non-U-Haul credit card activity to be processed on the same system dealers use to track their U-Haul inventory and credit card authorizations.
About ECHO: Electronic Clearing House Inc. provides credit card processing, cash advance services, check guarantee, check verification, check conversion, inventory tracking and/or various Internet services to more than 41,000 retail merchants, U-Haul dealers and casinos across the nation.
ECHO also designs, develops and integrates software and point-of-sale hardware that is utilized as credit card processing terminals, automated money order dispensers, inventory tracking devices, and casino cash advance systems.
To take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, you are hereby cautioned that this release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Actual operations and results may differ materially from those expressed in the forward-looking statements made by the company. |
