First Shipment of eConnect eCashPads for Commercial Distribution Now En Route
To National Data Funding Corp.
SAN PEDRO, Calif., Nov. 30 /PRNewswire/ -- eConnect
(OTC Bulletin Board: ECNC) today announced that its initial shipment of
eCashPads for consumer use is now en route from Asian factories to Company
affiliate National Data Funding Corp., where they will be prepared for
distribution to selected consumer recipients.
These recipients will include winners of a raffle of eCashPads, announced
at eConnect's Oct. 30 annual meeting.
NDFC, Chico, Calif., will prepare the cards with an electronic "master
key" to enable their use with ATM-with-PIN cards for Bank Eyes Only(TM)
transactions.
Thomas S. Hughes, founder, chairman and chief executive of eConnect, said,
"Our manufacturing plants have all parts necessary for large-scale production,
and can produce over 480 eCashPads per hour and 300,000 eCashPads per month.
We believe in just-in-time inventory delivery, and will now be delivering
eCashPads to NDFC on a regular basis for final preparation and distribution."
Among other distribution channels in various locations, eConnect Caribbean
SA, Santo Domingo, will be receiving eCashPads for distribution and use in the
Dominican Republic, with a specific focus on Internet cash payments via ATM
card with PIN.
The eCashPad, now on sale for $59.95, is a common-sense solution to online
fraud, consisting of a "plug-and-pay" PC peripheral approximately the size of
a PC mouse. By swiping a credit card, smart card or ATM card with PIN, the
consumer routs financial information directly to the financial institution
that settles the online purchase and pays the merchant. The consumer's
financial information is neither seen nor stored by the merchant, who is
charged a flat fee per Bank Eyes Only(TM) transaction.
Equipped merchants can still make non-Bank Eyes Only(TM) transactions with
customers who do not yet own an eCashPad.
NDFC will be in charge of tracking and supporting both consumer and
merchant services for the eCashPad, as well as collecting transaction fees
paid by the web merchant to eConnect.
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.
For further information, please contact, Fred Biddle, Member of the Firm,
Sitrick And Company, 310-788-2850, for eConnect. Web site:
econnectholdings.com.
SOURCE eConnect
-0- 11/30/2000
/CONTACT: Fred Biddle, Member of the Firm of Sitrick And Company,
310-788-2850, for eConnect/
/Web site: econnectholdings.com
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8026 11/30/2000 08:31 EST prnewswire.com
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