ECNC - LOS ANGELES--(BUSINESS WIRE)--Aug. 2, 1999--eConnect
(OTC BB:ECNC), a fully reporting company, today announced that it has
achieved several significant milestones in the development of its
P.E.R.F.E.C.T.(TM) technology, and expects to generate its first
revenues for this Same-as-Cash(TM) technology this October.
According to an eConnect spokesperson, "We are extremely pleased
with progress to date. Our development team has moved from the
specification and design stage to the code development stage on
schedule. Software is now being written based on a detailed
specification, developed by our programmers, reviewed in detail by our
project managers and system architects, and reviewed conceptually by a
number of our business partners. This means that we are on track to
deliver a 'rapid prototype' for marketing purposes in August, and move
to field trials late in September. Revenue generation should begin in
October, allowing us to benefit from the high volume of Internet
Christmas shopping in November and December."
"We expect to be the first organization to comprehensively offer
Internet merchants the ability to accept Same-as-Cash(TM) ATM card
transactions over the Internet, using a process in which the consumer
enters their bank assigned PIN number. The PIN number and other
transaction data will be encrypted in a manner that meets and exceeds
ATM network standards, for transmission to our proprietary host system
for processing. This process will protect both the consumer and the
merchant.
Due to the lower rates associated with ATM card acceptance, and
the reduced risk of accepting ATM card payments (since the PIN entry
verifies that the cardholder was present), and based on expressed
interest from well known Internet services, we expect large numbers of
Internet merchants to sign up for Same-as-Cash(TM) this Fall."
eConnect is a publicly traded company, focused on eCommerce.
eConnect owns and operates Internet sites and kiosks, and markets
P.E.R.F.E.C.T.(TM) services to enable other Internet merchants to
accept ATM Card payments from consumers. eConnect is already
generating revenue from web sites and services that it operates or
licenses technology to, and projects revenues to grow rapidly as new
Same-as-Cash(TM) business applications are developed, and as
P.E.R.F.E.C.T.(TM) processing services are provided to Internet
merchants.
The eConnect service of EzyShop (www.ezyshop.cc) is focused on
offering P.E.R.F.E.C.T(TM) self service shopping to consumers in the
SouthBay cities of Los Angeles and has begun the distribution of free
EzyShopper Kiosks to select high traffic public waiting areas where
the waiting consumer can shop from name catalogs. EzyShop generates
from 6% to 8% net of each catalog product purchase and is paid by the
vendor. "We are in start up mode and will use the next few months to
work the EzyShop business into a revenue producer in time for the
Christmas season," stated an eConnect spokesperson.
This press 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 may include 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.
--30--mi/sf*
CONTACT: For eConnect
Carnegie Cooke
Anita Goldberg, 800/262-2331 (Investor Relations)
or
For ET&T:
Prima Capital
Elias Argyropoulos, 800/600-8599 |
