To: steveK. (2143 )
From: SCOOBEY-DO Wednesday, May 19 1999 8:24AM ET
Reply # of 2435
BETT News Release:
eConnect to Test Use of ATM Cards At Home, to Send Same-As-Cash Over the Internet to Open/Replenish Gaming Accounts; Will Then Offer Service to Internet Companies
LOS ANGELES--(BUSINESS WIRE)--May 19, 1999--eConnect (OTC BB:BETT), fully reporting, announced today that its eGaming and eGate Divisions have finalized plans to test same-as-cash ATM card usage over the Internet, to open and replenish gaming accounts at Internet gaming services.
Once proven, the technology can also be used to enable any Internet merchant to accept same-as-cash home ATM card payments. eConnect plans to market the service widely to the Internet community.
Using its proprietary host processing facility, hardware and software, eConnect will demonstrate the ability for a consumer to initiate an ATM card transaction at home. This will give consumers easier access to their funds, and provide merchants with a more secure "same-as-cash" payment.
The demonstration will occur in two phases. In phase one, the transaction will be done using eConnect's "Paymaster" terminal. The Paymaster is for consumers who do not have a PC with Internet access. Then, in phase two, the transaction will be done using eConnect's "SLICK", a card reader and PIN pad which attaches to the consumer's PC. The SLICK is used to enter transaction data and encrypt it for secure transmission to Internet merchants.
In both approaches, the consumer will enter their PIN, as they would at an ATM and the data will be encrypted, providing security equal to or better than provided in messages to/from ATMs. Both phases will be demonstrated this summer.
According to an eConnect spokesperson, "Our eGaming Division, which focuses on owning and operating Internet gaming sites, is eager to provide this method of access to its own customers. The demonstrations will occur first on our 777WINS.com and eSportsbet.com sites. After the demonstration, our eGate Division, whose mission is to provide data processing services for other companies, looks forward to marketing the technology and service to all Internet merchants. eGate will market the service and technology under the trade name PERFECT (Personal Encrypted Remote Financial Electronic Transactions)."
"Due to uncertainty in the US regarding Internet gambling, our demonstrations this summer involving gaming will be offshore", the spokesperson continued. "However, once proven, the technology will be marketed this fall for use at any web site that wishes to accept ATM card transactions, for purchases or bill paying".
"Plans for demonstrating the technology for non-gaming uses are also already in place. After the demonstration this summer with eConnect's gaming sites, the technology will be deployed in the US to allow Internet merchants on Globalmarketplacemall.com to accept ATM cards for purchases."
eConnect is a publicly traded company focused on the growing eCommerce market. eConnect operates Internet sites, and plans to markets 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 777Wins and eSportsbet.com, but projects revenues to grow rapidly as new web sites are acquired, and as PERFECT processing services are provided to other Internet merchants.
In compliance with new SEC regulations, eConnect is one of only a handful of OTC companies that are fully reporting.
These are forward-looking statements, subject to market uncertainties.
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Contact:
Carnegie Cooke (for eConnect)
Investor Relations
Anita Goldberg, 800/262-2331
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