Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : ECNC (OTC:BB) - eConnect -- Ignore unavailable to you. Want to Upgrade?

To: DaiTN who wrote (2768)	10/6/1999 2:47:00 PM
From: Jorjenzak	Read Replies (1) \| Respond to of 18222

fwiw....I understand...will have to go back and look at the ET&T deal again...hmmmmm. btw....I expect Tom to be wheeling and dealing not signing loan papers....but just speculation obviously....but recent trends serve as a pretty good clue to me. also: Message 11462278

To: DaiTN who wrote (2768)	10/6/1999 3:11:00 PM
From: Jorjenzak	Respond to of 18222

Here is the licensing agreement being discussed, fwiw: License Agreements. The Company issued 2,900,000 shares of restricted common stock to ET&T in exchange for licensing home ATM card and SMART card wagering technology. Of this amount, 2,755,000 shares were placed in escrow and were subject to cancellation on February 10, 1998, in the event the bid price of the common stock of the Company was not at least $3.00 per share for any twenty consecutive day period as reported on the NASD's Electronic Bulletin Board of NASDAQ's Small Cap market from the date of the agreement through February 10, 1998. As of the date of these financial statements, the terms of the Licensing Agreement have not been met by the Company. However, the Company has entered into an amendment of the original agreement that provides for an extension of the cancellation deadline from February 10, 1998, to September 1, 1999, subject to certain conditions specified in the agreement. As of the date of these financial statements, none of the conditions have been met. All conditions set forth in the original agreement need to be met on or before September 1, 1999. The Company is currently negotiating an extension of the agreement. The License Agreement also provides that in the event that the bid price for the common stock of the Company is more than $3.00 per share for any twenty consecutive day period, ET&T shall have the option to purchase up to 13,822,000 additional shares of the Company's common stock at an exercise price of $.30 per share. ET&T has also licensed the global intellectual rights of four products to the Company. The products are "The Paymaster", "The Slick", "The Pocket Pay" and "The TV Pin Pad Remote". Each product is licensed at $2,000,000 and is due if and when the Company perfects the product. As of December 31, 1998, none of the products were perfected. Subsequent to December 31, 1998 "The Pay Master" was perfected. The liability was satisfied in full in June 1999 through the issuance of common stock. ********************************************** In addition to your wondering what technology we licensed I am wondering what extensions and terms have been negotiated since Sept. is now past us.

To: DaiTN who wrote (2768)	10/6/1999 3:20:00 PM
From: Jorjenzak	Read Replies (1) \| Respond to of 18222

Additional related agreements (note Betting, Inc. is now eConnect, obviously): ET&T HOST PROCESSING AGREEMENT This Agreement states that Betting, Inc., a Missouri corporation, does hereby agree that Electronic Transactions & Technologies (ET&T) shall be the sole provider of of bank host processing for all Betting, Inc. transactions that are sent by terminals that read cerdti cards, ATM cards, or smart cards. That ET&T shall charge Betting, Inc. a fee of $0.25 per transaction or 2.5% of the wager being sent by Betting, Inc. to gaming operators. That these transactions shall originate from globally placed Betting, Inc. equipment and/or Betting, Inc. licensed operators. Tthis exlcusive ET&T host service contract for Betting, Inc. expires on January 1, 2006. Electronic Transactions & Technologies Dated: April 28, 1997 By:_/s/ Thomas S. Hughes__ Thomas S, Hughes, Chariman & CEO Betting, Inc. Dated: April 28, 1997 By:/s/_Thomas S. Hughes__ Thomas S. Hughes, Chariman & CEO </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-10.3 <SEQUENCE>3 <DESCRIPTION>LICENSING AGREEMENT <TEXT> ET&T LICENSING AGREEMENT This Agreement states that Electronic Transactions & Technologies (ET&T) does hereby license the following ET&T products to Betting, Inc., a Missouri corporation, for the exclusive global usage of wagering by PERFECT originated ATM cards, credit cards, and smart cards: The PayMaster, defined as a stand alone terminal that attaches to phone lines and which calls the ET&T host processing center with bank data. The SLICK, defined as a stand alone keyboard terminall that attaches to phone lines and call the ET&T host processing center with bank data that has bypassed the Internet. The PocketPay, defined as a pocket sized terminal and telephone that sends bank data by wireless transmission to the ET&T host processing center. The TV Pin Pad Remote, defined as a set top box and TV remote that sends bank data by landline dial up transmission to the ET&T host processing center. EAch ET&T procudt is exclusively licensed to Betting, Inc. on a global basis for the application of PERFECT wagering at a licensing fee of $2,000,000 each. The duration of the exclusive license is 20 years. Electronic Transactions & Technologies Dated: March 27, 1998 By:_/s/ Thomas S. Hughes__ Thomas S, Hughes, Chariman & CEO *************************************************** Seems to me the licenses are a bit out of date as the purposes of the eConnect have broadened and do not include just wagering anymore. Also seems I WAS wrong and we merely licensed hardware from ET&T by the one licensing agreement. However, I was correct in recalling that the processing is being handled by ET&T for us pursuant to that agreement at the cost of 2.5% per transaction, which leaves 3.5% of the 6% I understand we will be charging. But the fly in the ointment is the fee only addresses wager transaction processing.....it needs to be updated and clarified to cover the gamut of ecommerce transactions we will now be handling.....details, details, details....tsk, tsk, tsk. Manny...you might point this out to the boss...