To: Jorjenzak (1967 )
From: bob Monday, May 3 1999 9:29AM ET
Reply # of 2432
Company Press Release
eConnect and First Entertainment.com Form New Service to ''Take Internet Commerce From Credit to Cash''
Projects New Service Will Substantially Increase
Internet Commerce Over the Next 24 Months
LAS VEGAS--(BUSINESS WIRE)--May 3, 1999--eConnect (OTC BB:BETT) and First Entertainment.com (FTET), fully reporting companies, have formed a Joint Venture to develop same-as-cash Internet transactions by on line debit ATM card and Smart cards.
The JV agreement calls for the proof of concept testing within the next 90 days of home devices that will bypass the Internet with ATM card and PIN data and Smart card data and will connect with the Internet merchants for immediate acknowledgment of receipt of the same-as-cash payments.
The service, to be called InterTransGate.com, will interface between the bank host processor ET&T, (www.hpos.com), who will be driving the test transactions and substantial participants who are interested in receipt of same-as-cash commerce by either ATM cards or Smart cards.
InterTransGate.com will provide the consumer with the alternative of bypassing the Internet with sensitive credit card, charge card or ATM card and Smart card data. In the case of an on line ATM card debit or smart card transaction, the Internet merchants will be receiving a same-as-cash transaction.
eConnect will be providing the proprietary home test hardware. ET&T, a strategic partner of eConnect, will be driving the transaction into the bank system for card authorization. After bank card authorization is complete, ET&T will then connect with InterTransGate.com, who will then connect with the participating Internet merchants.
The acknowledgment from the Internet merchants will then pass back to InterTransGate.com, who will then pass the information back to ET&T. The completed receipt of bank card authorization and merchant acknowledgment will then be passed back to the waiting eConnect device which will then print a receipt for the consumer.
Substantial Internet companies have been in contact with InterTransGate.com to participate in the first same-as-cash bank card Internet commerce payment.
These transactions are called PERFECT commerce, as they are personal encrypted remote financial electronic card transactions that are bypassing the Internet with sensitive bank data.
PERFECT transactions directly connect the Internet consumer with the Internet merchant, who is saving on credit fees by receiving a hardware enabled credit card transaction, or who is receiving same-as-cash payments when a hardware enabled ATM card with PIN or SMART card is used.
InterTransGate.com will receive a small fee from the Web merchant per PERFECT Internet commerce transaction.
Industry analysts state that Internet On line shopping alone is expected to account for more than $30 billion in sales in 1999. The InterTransGate.com service is expected to bring more shoppers on line as they realize the safety of simply bypassing the Internet entirely with bank card data.
A.B. Goldberg, President of First Entertainment, stated' ''Our company is a multi-media company with divisions and subsidiaries operating in the areas of radio broadcasting, comedy clubs and Internet gaming, and we will certainly make usage of the InterTransGate.com service.''
eConnect, who is focused on global PERFECT wagering, has also stated that the InterTransGate.com service fits in very well with eConnect's eGate service between bank hosts and gaming companies receiving same-as-cash payments.
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)
or
www. FirstEntertainment.com
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