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First Commercially-ready eCashPads to Be Delivered To National Data Funding Corp. eConnect Expects Large-scale Production to Follow
SAN PEDRO, Calif., Sept. 14 /PRNewswire/ -- eConnect (OTC: ECNC) said that it expects the first commercially-ready models of the eCashPad, the Company's first secure electronic payment product, to be delivered to affiliate National Data Funding Corp. on Sept. 25.
Following final preparation by NDFC, these eCashPads will be delivered to in-house clients for use on a pilot basis. As previously stated, eConnect has placed an initial order to manufacture 100,000 eCashPads with Asia Pacific Micro Devices Inc., Oakland, Calif. The Company continues to implement plans to market the "plug-and-pay" PC peripheral devices both promotionally and at retail, at an initial price of $59.95 each.
"We previously stated that we expected deliveries of commercially-ready eCashPads to begin this month," said Thomas S. Hughes, founder, chairman and chief executive of eConnect. "However, before ramping up to produce them in quantity, we must be completely satisfied that the eCashPad as actually manufactured fully meets the standards we've specified, and will perform as our customers expect."
With its proprietary software, the eCashPad will enable users to swipe ATM card-with-PIN as well as credit and smart cards, routing account numbers exclusively to authorizing financial institutions for secure, Bank Eyes Only(TM) e-commerce transactions.
NDFC, Chico, Calif., which has agreed in principle to be acquired by eConnect, will provide distribution, encryption and maintenance services for the initial shipment of eCashPads. NDFC began testing the first working eCashPad prototypes in June. Into these commercially-ready models, however, NDFC will add the encryption key necessary for ATM-card usage.
Ultimately, NDFC will also manage the daily activity of credit and ATM card usage of the eCashPads, and will collect transaction fees charged to the web merchants who are paid using the devices.
Safe Harbor: Certain statements in this release may contain forward- looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities and Exchange Act of 1934 and are subject to the safe harbor created under those sections. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. SOURCE eConnect -0-
09/14/2000 /CONTACT: Fred Biddle, Member of the Firm, Sitrick And Company, 310-788-2850, for eConnect/ /Web site: econnectholdings.com -- LATH142 -- 9164 09/14/2000 16:54 EDT prnewswire.com Copyright PR Newswire 1998. All rights reserved |
