eConnect Buys Back 1,000,000 Shares of Company Stock
LOS ANGELES--(BUSINESS WIRE)--Oct. 14, 1999--eConnect (OTCBB:ECNC) announced that on October 12 and October 13, the company purchased 1,000,000 shares of eConnect stock from the market.
"We are focused on buying back a substantial number of shares of eConnect stock and this is our first action on doing so. We are not using our working capital funding to effect stock purchases and are instead working with select partners to begin eConnect stock purchases so that we can reduce the number of outstanding shares. We are taking delivery of the stock certificates," stated Thomas S. Hughes, Chairman and CEO, eConnect.
About eConnect
eConnect is developing Internet alternative payment choices such as the usage of the ePIN to effect safer credit card or Same-as-Cash ATM card with PIN transactions.
eConnect will generate a merchant paid fee per transaction. eConnect is developing additional revenue streams from the launching of ePIN Cash2Trade, which is Same-as-Cash payments to brokerage firms; the launching of ePIN Internet Cash Pay Per Play, which is ePIN Web casting payments; and the September start of EzyShop, publicly placed self service catalog kiosks.
eConnect is also in partnership with E-SAFE to develop revenue from legally sanctioned gaming in Australia and Ireland.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
CONTACT: International Investor Relations Group
407/865-9433 (November stock broker presentations)
or
Carnegie Cooke (For eConnect)
Anita Goldberg, 800/262-2331 (Investor Relations)
or
Prima Capital (for ET&T)
Elias Argyropoulos, 800/600-8599
or
Web sites:
www.e-connect.cc
www.ezyshop.cc |
