BETT News Release:
May 25, 1999 09:32
First Entertainment Joins eConnect's Internet ATM Pilot to Take Internet Commerce From Credit to Cash
LOS ANGELES--(BUSINESS WIRE)--May 25, 1999--eConnect (OTC BB:BETT), a fully reporting company, announced today that First Entertainment (OTC BB:FTET), its Joint Venture partner, also a fully reporting company, has agreed to participate in eConnect's previously announced pilot program to enable consumers to use their ATM cards to make purchases over the Internet.
In the pilot, eConnect will enable consumers to use their ATM cards at home, to make purchases over the Internet from merchant web sites. eConnect will provide software for web sites and browsers to enable the transaction, and will handle the transaction processing. Consumers will input their ATM card and PIN number using eConnect's patented SLICK hardware. First Entertainment will allow consumers to use their ATM cards to make purchases from Farenheit Records, Uproar Entertainment, Air Travel Discount, and Havana Republic Cigar Emporium, which are all part of First Entertainment's web site.
"This will be an example of what we call a P.E.R.F.E.C.T.(TM) transaction," said an eConnect spokesperson. "With our P.E.R.F.E.C.T.(TM) (Personal Encrypted Remote Financial Electronic Card Transaction) technology, consumers can safely use the Internet to make purchases, pay bills, etc., using their ATM card in a same-as-cash transaction. Part of our mission is to 'take the Internet from credit to cash.'"
The pilot will begin in August. Other participants include eConnect's GlobalMarketplaceMall.com, 777Wins.com and eSportsbet.com. eConnect plans to market the service to Internet merchants this fall, enabling them to accept ATM cards for payment in time for the Xmas shopping season.
eConnect is a publicly traded company, focused on eCommerce. eConnect owns and operates its own Internet sites, and will market P.E.R.F.E.C.T.(TM) products and services that enable other Internet and non-Internet merchants to accept ATM and smart card electronic payments from consumers.
eConnect is already generating revenues from web sites that it owns, but projects revenues to grow rapidly as new web sites are acquired, and as P.E.R.F.E.C.T.(TM) processing services are provided to other Internet merchants.
In compliance with new SEC regulations, eConnect and First Entertainment are both fully reporting OTC BB companies.
These are forward looking statements, subject to market uncertainties.
CONTACT: Carnegie Cooke
Anita Goldberg, 800/262-2331 (investor relations) |
