News Release:
June 23, 1999 10:13
eConnect Reports Progress in Development Of P.E.R.F.E.C.T.
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.com and esportsbet.com; 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.
CONTACT: for eConnect:
Carnegie Cooke
Anita Goldberg, 800/262-2331 (Investor Relations)
or
For ET&T:
Prima Capital
Elias Argyropoulos, 800/600-8599 |
