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

To: Jorjenzak who wrote (2845)	10/12/1999 2:01:00 PM
From: DaiTN	Respond to of 18222

Right on Jordan!! Those are key questions I need answers as well. When you get those questions answer, I will post my list of questionnaires :)

To: Jorjenzak who wrote (2845)	10/12/1999 2:09:00 PM
From: Jorjenzak	Respond to of 18222

By: jorjenzak Reply To: 4682 by Aoneness Tuesday, 12 Oct 1999 at 1:08 PM EDT Post # of 4708 Spoke to Tom again today about 30 mins ago.....O/S is 83,198,500 shares. Of that 38M is held for warrants and employee stock incentives. 7,190,500 shares are 144 stock. 23M is held in escrow to cover sales to the venture capital group (to whom we are only obligated to sell $1M worth of shares within 12 months, but can sell up to $5M worth of shares). Float is 20-21M. Tom assured me the processing structure we were originally introduced to under BETT whereby ET&T or other host processing centers actually process or obtain transaction approval from your bank for a fee from ECNC/BETT while ECNC/BETT is routing the transactions to the processor and back to the web merchant/casino/broker/etc. with approvals for a fee/flat charge. Some fees will be a % of the transaction (i.e. EzyShop) and some will be a flat fee per transaction (i.e. funding your brokerage account, buying on-line). In any case, the merchant or vendor receiving the money from the consumer pays the fee (and will pass it on to you no doubt) and it is all instantaneous with NO RECEIVABLES.....ECNC takes the money off the top right then as the transaction goes through. In addition to acting as the transaction hub or middle man, ECNC will be pushing PERFECT transactions technology in the public and to the vendors/merchants. The license agreement with ET&T only applies to the technologies actually perfected and used by ECNC (now only the Paymaster used at the Kiosks). ePins are bought by ECNC and have no impact on ET&T (as I understand it) other than any fees it might earn processing transactions routed through ECNC....but there are other host processors out there also that can be the host. Tom assured me that he will retain control over management into the near foreseeable future. He will remain an active CEO and any belief that he will step back and turn over the company to Wexler or anyone else he introduced as part of his Team during the Shareholders meeting is a misunderstanding. (One that I had) He will delegate appropriate tasks to his team members. In any case, any spin-offs of ECNC (i.e. SafeTPay) will be controlled by ECNC and in no case will ECNC ever have less than 25% of the stock in those spinoffs to maintain that control. The structure of the deal is ECNC is a spin-off of privately held ET&T, which Tom also controls. Further spin offs (if and when) will come off below ECNC. fwiw....I am glad to have these facts clarified. Take it for what its worth. GO ECNC!!!