LOS ANGELES--(BUSINESS WIRE)--June 23, 1999--eConnect
(OTC BB:BETT), a fully reporting company, Wednesday announced that it
has accomplished a major milestone in the development of its
P.E.R.F.E.C.T(tm) transaction processing capability, which will
enable consumers to safely use their ATM cards to make purchases from
Internet sites.
According to an eConnect spokesperson, "Two major milestones were
accomplished during the past week. First, our technical staff, in
consultation with outside vendors, finalized the architectural
approach and specifications which software programmers will use to
develop the system.
"Second, a major contract was awarded to a key vendor that will
be developing needed software, and coding has already commenced. The
software being developed is compatible with the host processing center
that we already have in operation, so implementation will move forward
quickly.
"This is consistent with our schedule to operate lab tests in
August, and begin a pilot program with Internet merchants no later
than September 1.
"The first Internet sites to participate in the pilot will be
operated by our Joint Venture partner First Entertainment
(OTC BB: FTET). Using eConnect's P.E.R.F.E.C.T.(tm) services and
technology, First Entertainment will allow consumers to use their ATM
cards to make purchases from Farenheit Records, Uproar Entertainment,
Air Travel Discount, and Havana Republic Cigar Emporium, which are all
part of First Entertainment's Web site."
First Entertainment is already working with a number of other key
Internet partners, who will be watching the pilot carefully in
contemplation of implementing P.E.R.F.E.C.T.(tm) at their Web sites in
time for this Christmas shopping season on the Internet.
eConnect will provide software for Web sites and browsers to
enable the transaction, and will handle the transaction processing.
Consumers will input their ATM card and PIN number using eConnect's
patented SLICK hardware, connected to the consumer's PC.
Transactions will be protected by several layers of security. The
first layer will be provided by the SLICK(tm), which will perform a
"hardware encryption" meeting ATM network requirements. Additional
layers will be a variety of proprietary encryption protocols
surrounding the entire payment message. In essence, anyone trying to
steal this data would have to simultaneously break several
encryptions.
eConnect is focused on eCommerce. Part of eConnect's mission is
to "take the Internet from credit to cash." To that goal, eConnect is
developing proprietary hardware, software, and transaction processing
services to implement P.E.R.F.E.C.T(tm) processing.
eConnect owns and operates 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, for purchases, bill payments, etc.
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 sites are acquired, and
as P.E.R.F.E.C.T.(tm) products and services are provided to other
Internet merchants.
This news release contains forward-looking statements subject to
the safe harbor act created by the Private 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.
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CONTACT: for eConnect:
Carnegie Cooke
Anita Goldberg, 800/262-2331 (Investor Relations)
or
For ET&T:
Prima Capital
Elias Argyropoulos, 800/600-8599
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