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To: Takeover who wrote (5892)	8/2/1999 9:27:00 AM
From: SSP	Read Replies (3) \| Respond to of 150070

ECNC - LOS ANGELES--(BUSINESS WIRE)--Aug. 2, 1999--eConnect (OTC BB:ECNC), a fully reporting company, today announced that it has achieved several significant milestones in the development of its P.E.R.F.E.C.T.(TM) technology, and expects to generate its first revenues for this Same-as-Cash(TM) technology this October. According to an eConnect spokesperson, "We are extremely pleased with progress to date. Our development team has moved from the specification and design stage to the code development stage on schedule. Software is now being written based on a detailed specification, developed by our programmers, reviewed in detail by our project managers and system architects, and reviewed conceptually by a number of our business partners. This means that we are on track to deliver a 'rapid prototype' for marketing purposes in August, and move to field trials late in September. Revenue generation should begin in October, allowing us to benefit from the high volume of Internet Christmas shopping in November and December." "We expect to be the first organization to comprehensively offer Internet merchants the ability to accept Same-as-Cash(TM) ATM card transactions over the Internet, using a process in which the consumer enters their bank assigned PIN number. The PIN number and other transaction data will be encrypted in a manner that meets and exceeds ATM network standards, for transmission to our proprietary host system for processing. This process will protect both the consumer and the merchant. Due to the lower rates associated with ATM card acceptance, and the reduced risk of accepting ATM card payments (since the PIN entry verifies that the cardholder was present), and based on expressed interest from well known Internet services, we expect large numbers of Internet merchants to sign up for Same-as-Cash(TM) this Fall." eConnect is a publicly traded company, focused on eCommerce. eConnect owns and operates Internet sites and kiosks, and markets P.E.R.F.E.C.T.(TM) services to enable other Internet merchants to accept ATM Card payments from consumers. eConnect is already generating revenue from web sites and services that it operates or licenses technology to, and projects revenues to grow rapidly as new Same-as-Cash(TM) business applications are developed, and as P.E.R.F.E.C.T.(TM) processing services are provided to Internet merchants. The eConnect service of EzyShop (www.ezyshop.cc) is focused on offering P.E.R.F.E.C.T(TM) self service shopping to consumers in the SouthBay cities of Los Angeles and has begun the distribution of free EzyShopper Kiosks to select high traffic public waiting areas where the waiting consumer can shop from name catalogs. EzyShop generates from 6% to 8% net of each catalog product purchase and is paid by the vendor. "We are in start up mode and will use the next few months to work the EzyShop business into a revenue producer in time for the Christmas season," stated an eConnect spokesperson. This press release contains forward looking statements subject to the safe harbor act created by the Securities Litigation Reform Act of 1995. Management cautions that these statements may include projections and estimates of future performance and involve certain risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of factors such as changes in the marketplace, unanticipated competitive activity, a downturn in economic conditions, or delays in product development. --30--mi/sf* CONTACT: For eConnect Carnegie Cooke Anita Goldberg, 800/262-2331 (Investor Relations) or For ET&T: Prima Capital Elias Argyropoulos, 800/600-8599

To: Takeover who wrote (5892)	8/2/1999 9:28:00 AM
From: SSP	Read Replies (1) \| Respond to of 150070

NEW YORK--(BUSINESS WIRE)--Aug. 2, 1999--CATHAYONLINE INC. (OTC BB:CAOL) announces the launch of the English version of the TorchMail.com service ahead of schedule. The service is now available at torchmail.com or via cathayonline.com. The target market for the product is both individual consumers and corporate customers throughout the Chinese-speaking world. As stated in previous releases, the first-to-market Chinese version will be announced early in the Year 2000. Following CATHAYONLINE's recent acquisition of TorchMail.com, CATHAYONLINE INC. and USA.NET, a leading global provider of email and advanced messaging services, announced their strategic partnership to provide USA.NET's world-class business email outsourcing solutions to the People's Republic of China. CATHAYONLINE will bundle USA.NET Professional Messaging with Internet access service for individual consumers, as well as provide value-added e-mail service to corporate consumers. "We are extremely pleased with USA.NET's success in delivering the TorchMail.com service ahead of schedule," stated Brian Ransom, President, CATHAYONLINE INC. "Our strategic partnership with USA.NET has already been highly productive, allowing us to meet - and even exceed - our first phase expectations." USA.NET Professional Messaging offers TorchMail.com customers standard features including: Junk Mail Blocker, Read Receipt, Mail Priority, Email Collecting and Forwarding, and Signatures; mail management features including user management, alias management, branded and customized interface and administrative reports; and will soon incorporate premium features including Paging. TorchMail.com Professional Messaging is accessible from virtually anywhere worldwide, connecting travelling employees, branch offices and dealer/distributor networks. TorchMail.com anticipates that revenue opportunities to be twofold: (1) consumer markets; and, (2) corporate markets. In the consumer markets, the strategy of free e-mail service is expected to create a user base with which to attract advertisers, and, subsequently, advertising revenue. Consumers will also be offered optional, attractive fee-based services. Revenue from corporate markets will be sourced from fee-based advanced messaging services and premium services billed on a monthly basis. Among the most popular Internet applications today, e-mail and advanced messaging services will drive Internet usage and growth. The number of people using the Internet in China has increased 30-fold in five years, with projections for the year 2000 hitting 13 million. This year alone, the number of online users is expected to increase more than 300%. The launch of the English version of TorchMail.com propels CATHAYONLINE INC. toward its goal of becoming a leading, fully diversified Internet company targeting Chinese-speaking markets in the People's Republic of China. For more information, please visit our updated websites at: torchmail.com and cathayonline.com CATHAYONLINE INC. On Behalf of the Board of Directors Brian Ransom, Director