Additional related agreements (note Betting, Inc. is now eConnect, obviously):
ET&T HOST PROCESSING AGREEMENT
This Agreement states that Betting, Inc., a Missouri corporation, does hereby
agree that Electronic Transactions & Technologies (ET&T) shall be the sole
provider of of bank host processing for all Betting, Inc. transactions that
are sent by terminals that read cerdti cards, ATM cards, or smart cards.
That ET&T shall charge Betting, Inc. a fee of $0.25 per transaction or 2.5% of
the wager being sent by Betting, Inc. to gaming operators.
That these transactions shall originate from globally placed Betting, Inc.
equipment and/or Betting, Inc. licensed operators.
Tthis exlcusive ET&T host service contract for Betting, Inc. expires on
January 1, 2006.
Electronic Transactions & Technologies
Dated: April 28, 1997 By:_/s/ Thomas S. Hughes__
Thomas S, Hughes, Chariman & CEO
Betting, Inc.
Dated: April 28, 1997 By:/s/_Thomas S. Hughes__
Thomas S. Hughes, Chariman & CEO
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<DESCRIPTION>LICENSING AGREEMENT
<TEXT>
ET&T LICENSING AGREEMENT
This Agreement states that Electronic Transactions & Technologies (ET&T)
does hereby license the following ET&T products to Betting, Inc., a Missouri
corporation, for the exclusive global usage of wagering by PERFECT originated
ATM cards, credit cards, and smart cards:
The PayMaster, defined as a stand alone terminal that attaches to phone lines
and which calls the ET&T host processing center with bank data.
The SLICK, defined as a stand alone keyboard terminall that attaches to phone
lines and call the ET&T host processing center with bank data that has
bypassed the Internet.
The PocketPay, defined as a pocket sized terminal and telephone that sends
bank data by wireless transmission to the ET&T host processing center.
The TV Pin Pad Remote, defined as a set top box and TV remote that sends bank
data by landline dial up transmission to the ET&T host processing center.
EAch ET&T procudt is exclusively licensed to Betting, Inc. on a global basis
for the application of PERFECT wagering at a licensing fee of $2,000,000 each.
The duration of the exclusive license is 20 years.
Electronic Transactions & Technologies
Dated: March 27, 1998 By:_/s/ Thomas S. Hughes__
Thomas S, Hughes, Chariman & CEO
***************************************************
Seems to me the licenses are a bit out of date as the purposes of the eConnect have broadened and do not include just wagering anymore. Also seems I WAS wrong and we merely licensed hardware from ET&T by the one licensing agreement.
However, I was correct in recalling that the processing is being handled by ET&T for us pursuant to that agreement at the cost of 2.5% per transaction, which leaves 3.5% of the 6% I understand we will be charging. But the fly in the ointment is the fee only addresses wager transaction processing.....it needs to be updated and clarified to cover the gamut of ecommerce transactions we will now be handling.....details, details, details....tsk, tsk, tsk.
Manny...you might point this out to the boss... |
