To: blkjk7 (2409 )
From: Jorjenzak Thursday, Jun 3 1999 9:50AM ET
Reply # of 2445
MORE NEEEEWWWWSSSS!!!!
eConnect Receives $2 Million Line of Credit From Alliance Equities
Business Wire - June 03, 1999 09:17
LAS VEGAS--(BUSINESS WIRE)--June 3, 1999--eConnect (OTC BB:BETT), a fully reporting company, Thursday announced the establishment of a $2 million line of working credit with Alliance Equities.
Alliance Equities is a Florida-based venture capital firm and has funded numerous emerging growth companies.
According to an eConnect spokesperson: "Establishing this credit line is consistent with our long-term plans for growing the company, and building shareholder value. These funds will be used to expand and accelerate our software development efforts, and to expand our marketing activities as some of our P.E.R.F.E.C.T.(tm) products and services move from the lab into production this fall."
"With P.E.R.F.E.C.T.(tm) (Personal Encrypted Remote Financial Electronic Card Transaction) technology, consumers can safely use the Internet to make purchases, pay bills, etc., using their ATM card in a same-as-cash transaction. Transactions will be secured by our patented SLICK(tm) device, installed at the consumer's PC.
"Part of our mission is to 'take the Internet from credit to cash'. eConnect has developed the proprietary hardware, software, and transaction processing host needed to implement P.E.R.F.E.C.T processing services."
"In addition, eConnect operates kiosks in public locations that facilitate shopping and bill paying," the spokesperson continued. "Pilot installations of these kiosk units, marketed as EZShop and EZPay, has already begun. EZShop and EZPay operate as services that existing catalog merchants and bill payees can use to accept orders and payments."
Later this year, eConnect will add the ability to use Smart Cards, at EZPay and EZShop Kiosks, and over the Internet using the SLICK.
eConnect is a publicly traded company, focused on eCommerce. eConnect owns and operates its own Internet sites and kiosks and markets P.E.R.F.E.C.T.(tm) products and services to enable other Internet and non-Internet merchants to accept ATM and Smart Card payments from consumers.
eConnect is already generating revenue from Web sites that it operates or licenses technology to, such as 777Wins and eSportsbet; and projects revenues to grow rapidly as new Web sites are acquired, and as P.E.R.F.E.C.T.(tm) processing services are provided to other Internet merchants.
This news 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 represent 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: Carnegie Cooke & Co. (for eConnect)
Anita Goldberg, 800/262-2331, Investor Relations
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