To: Fli-by (1873 )
From: bob Monday, Apr 26 1999 8:54AM ET
Reply # of 2432
NEWS Y'ALL!
Company Press Release
eConnect Announces the Acquisition Of eSportsbet.com
Projects earnings to triple for 2nd quarter; Will test Internet cash pay-per-play from England and Hong Kong to 777WINS.com and eSportsbet.com
LAS VEGAS--(BUSINESS WIRE)--April 26, 1999-- eConnect (OTC:BB:BETT) has completed the acquisition of eSportsbet, which, along with the recently acquired 777WINS,is now producing revenues and profits for eConnect. Those profits will be reflected in the next 10QSB filing.
''We will be quickly moving to establish eSportsbet as an Internet service which is expected to triple our present over-the-phone wagering transaction business. Along with increasing the bandwidth of 777WINS, our Internet casino, we are projecting triple net profits to be generated in the second quarter,'' stated an eConnect spokesperson.
Internet Cash pay-per-play to be tested. A PERFECT transaction.
The English and Hong Kong players will use their smart cards or ATM cards and eConnect PayMaster terminals to play 777WINS and eSportsbet. The terminals will communicate by modem with the ET&T bank hosts. Smart cards and ATM cards are same-as-cash. ET&T will then connect with eGate, the transaction division of eConnect. eGate will then connect with 777WINS and eSportsbet for acknowledgment of the cash wager. In seconds, the entire PERFECT wager is complete, and the players have printed receipts.
The ET&T bank host is solely focused on the financial transaction of the bank authorization of the smart card or ATM card wager. The eGate service is solely focused on the data transaction of relaying the wager to 777WINS and eSportsbet.
eConnect will be using its stand alone PayMaster terminal for these preliminary tests and is targeting the eConnect SLICK for later tests which will effect pay-per-play Internet cash wagers. Using a data modem, the SLICK will call the ET&T hosts with either smart card or ATM card debit cash wagers. ET&T will then connect with eGate and bypass the Internet with bank information.
''From the point of view of 777WINS and eSportsbet, it is far more cost effective to receive a cash pay-per-play transaction which will eliminate the need for maintaining gaming accounts. Furthermore, the transaction is cash and not credit and will allow the winners' funds to be moved electronically back into their bank account which can then be easily taxed by governments,making Internet gaming far more attractive to regulate. This is a PERFECT wager,'' stated an eConnect spokesperson.
eConnect is focused on establishing a global presence to connect cash pay-per-play gaming transactions with the world's gaming community.
These statements are forward looking and should be regarded as such.
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Contact:
Carnegie Cooke
Anita Goldberg, 800/262-2331 (investor relations)
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