To: Jorjenzak (1889 )
From: James E Lynch Wednesday, Apr 28 1999 9:46AM ET
Reply # of 2432
(BSNS WIRE) eConnect Projects Combined Second-Quarter Revenues of $600,0
eConnect Projects Combined Second-Quarter Revenues of $600,000 From Electronic
Gaming Subsidiaries; Also Developing Services for Other Gaming Operators
Business Editors
LAS VEGAS--(BUSINESS WIRE)--April 28, 1999--eConnect
(OTC BB:BETT) Wednesday projected combined second-quarter revenues of
$600,000 vs. zero revenues in the same period last year.
Revenues will come from eSportsbook.com and 777WINS, acquisitions
completed this month. 777WINS and eSportsbook are now wholly owned
subsidiaries of eConnect, operating electronic gaming services
overseas, where these services are legal.
"Based on these two subsidiaries alone, we expect eConnect to
reach break-even on a monthly basis later this year, and generate
profits of 13 to 20 cents per share next year. When we factor in
planned additional acquisitions, actual results could be much better
than that," a company spokesperson said.
eConnect is also developing services it will offer to other
gaming operators, based on PERFECT technology (Personal Encrypted
Remote Financial Transactions), which it has exclusively licensed from
Electronic Transactions and Technologies Inc. (ET&T) (www.hpos.com)
for the gaming industry.
A company spokesperson explained, "With PERFECT technology, we
can enable gaming operators and consumers to safely exchange payment
information, without passing sensitive data (like credit card numbers)
over the Internet. This is accomplished using patented devices, which
attach to a consumer's PC. Gaming operators will pay eConnect a small
fee per transaction for processing."
The system can also enable the use of ATM cards and smart cards
as payment mechanisms. A leading manufacturer of smart cards is
committed to participate, and financial institution partners are being
solicited. Gaming operators outside the United States can participate
in pilot tests of the technology this summer. Full-scale release of
the service will be late this year.
eConnect is also working with ET&T to develop and license the
PocketPay, a small device which is both a cell phone and a data
terminal. PocketPay allows consumers to effect PERFECT transactions
anytime, anywhere.
The goal of eConnect is rapid growth in revenues and earnings,
through acquisition of overseas gaming companies (such as eSportsbet
and 777WINS) in the rapidly growing eGaming industry.
eConnect will also generate earnings by providing PERFECT
technology and services to other gaming operators. As a result of its
Securities and Exchange Commission filings earlier this month,
eConnect is one of the first OTC companies to meet new reporting
requirements for small public companies.
eConnect is Internet related and not Internet dependent.
These are forward looking statements and should be regarded as
such.
--30--MT/la* TJM/la
CONTACT: Carnegie Cooke
Anita Goldberg, 800/262-2331 (investor relations)
KEYWORD: NEVADA
INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET COMED
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