eConnect reports $100,000 combined May earnings for 777WINS.com and eSportsbet, a 67% increase
Business Wire - June 09, 1999 08:31
LOS ANGELES--(BUSINESS WIRE)--June 9, 1999--eConnect (OTC:BB:BETT), a fully reporting company, today announced preliminary results for May that show combined earnings of $100,000 from the wholly owned subsidiaries that constitute its eGaming division, 777WINS.com and eSportsbet.
The eConnect revenue streams today are originating from conventional credit card payments to 777WINS.com and eSportsbet.com. Non gaming revenue generators of eConnect's eGate division business units of EzyShop and EzyPay, whereby consumers will access publicly placed eConnect terminals to either pay bills or shop from national catalogs while waiting at locations ranging from airport passenger clubs to car washes, will substantially develop over the Summer and Fall, with particular emphasis on same-as-cash(TM) payments by debit ATM cards.
According to an eConnect spokesperson, "Our eGaming division has enjoyed a 67% increase in earnings from the previous month. This rapid growth is in line with our expectations, and we now project that our eGaming division will have earnings exceeding $1,000,000 for this year."
"These earnings will be re-invested in marketing and technology, to support our aggressive growth plans for both the eGaming and eGate divisions as eConnect leads the way with innovative P.E.R.F.E.C.T(TM) strategies. For instance, 777WINS.com has just launched a first-of-its-kind Internet tournament, whose winners will be flown to the Gran Casino and Hotel in Costa Rica. eSportsbet is installing servers and communications lines now, and expects to establish Internet operation within 60 days. This fall, we will add our P.E.R.F.E.C.T. (Personal Encrypted Remote Financial Electronic Card Transaction) technology to these web sites, so that consumers can safely use their ATM card in a same-as-cash(TM) transaction."
eConnect is a publicly traded company focused on taking eCommerce from credit to same-as-cash(TM) transactions. eConnect owns and operates its own Internet sites and non Internet kiosks, and markets P.E.R.F.E.C.T. products and services to enable other Internet and non-Internet gaming and non gaming merchants to accept same-as-cash(TM) 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, as EzyShop and EzyPay non Internet Kiosks are deployed,and as P.E.R.F.E.C.T. processing services are provided to other Internet merchants. The common thread that ties these businesses together is eConnect's role as the processor of P.E.R.F.E.C.T. transactions. Initially, all P.E.R.F.E.C.T. transactions will originate from eConnect equipment and web sites. However, eConnect will establish an open architecture enabling other companies, to produce P.E.R.F.E.C.T. equipment and web sites, such as First Entertainment, (OTC:BB:FTET) to originate same-as-cash(TM) transactions which will be processed by eConnect; with the goal of creating a global P.E.R.F.E.C.T. industry.
This press release contains forward looking statements subject to the safe harbor act created by the Securities Litigation Reform Act of 1995. Mangement 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. This press release also contains "flash" results that have not yet been audited.
CONTACT: Carnegie Cooke & Co. (for eConnect)
Anita Goldberg, 800/262-2331, Investor Relations
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