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To: SCOOBEY-DO who wrote (228)	8/16/1999 9:03:00 AM
From: SCOOBEY-DO	Respond to of 266

Press Release: August 16, 1999 07:00 eConnect and E-SAFE target 100,000 Australasia and United Kingdom Homes For Same-as-Cash Impulse Internet And Non Internet Sports Bets and Purchases LOS ANGELES & SYDNEY, Australia--(BUSINESS WIRE)--Aug. 16, 1999-- Project monthly revenues of $100 per home paid by merchants eConnect (OTC BB:ECNC) announced today the formation of a joint venture (strategic alliance) with an Australian Group (E-SAFE) to develop Same-as-Cash(TM) purchases and sports betting in Austalia, New Zealand, Hong Kong and other commonwealth countries. E-SAFE, of Sydney, Australia, was recently formed by Sydney Fund Managers Group of which Mr. Iain Gray is Managing Director. Sydney Fund Managers Group is a public but unlisted specialist investment company whose name is well recognized and respected by the global investment community. Management expects that, within twelve months, 100,000 homes in this region will have been equipped with eConnect proprietary equipment to facilitate Same-as-Cash purchases and betting. Each of these homes is expected to generate an average of $100 in gross revenue per month for the joint venture, which will be known as ETTA (Electronic Transactions and Technologies Australasia). If projections are achieved, the $120,000,000 per year of gross revenue, after deducting expenses of the joint venture, will allow Econnect to realize net income from the project of more than $48,000,000 per year. Management believes that it's estimate of 100,000 homes in twelve months may be exceeded by a large margin. eConnect believes itself to be in the vanguard of the ecommerce Same-as-Cash revolution and is extremely optomistic that it's growth over the next few years will be exponential in terms of both revenue and earnings. Management expects to report substantial revenue and net earnings for its fiscal year ended December 31, 2000 from it's divisions of eGaming and eGate. The strategic alliance of ETTA will be an integral part of that growth. 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. CONTACT: For eConnect: Carnegie Cooke Anita Goldberg, 800/262-2331, investor relations or E-SAFE Bruce McWilliam, 011-61-2-9267-7555 or For ET&T: Prima Capital Elias Argyropoulos, 800/600-8599 hpos.com ezyshop.cc