To: Fli-by (1233 )
From: SCOOBEY-DO Tuesday, Feb 9 1999 9:47AM ET
Reply # of 2357
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INTERNET GAMING PERSPECTIVE
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Monday, February 8, 1999
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Hello everyone,
It's been a while since our last issue. As promised, we have an article on eConnect, formerly Betting, Inc. (BETT) one of the companies we watch, and like. However, due to the length of this article, we are suspending any other stock discussions in this issue until the middle of the week when we will release a regular stock/industry update. Recently, the Internet Gaming stocks
have been quiet. Today (Monday) we saw a few move. But we will have more on that later.
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EConnect, Inc. , formerly Betting, Inc. (OTC BB- BETT)
A company that we have been watching, Betting, Inc., (BETT), merged with eBet, Inc on January 11, 1999 to form a new company called eConnect, Inc.
Though still traded under the same symbol of BETT, we have seen the shares rise from the $.08 level to almost one dollar subsequent to this merger. So, what is this new company all about, and where is it headed? Let's first take a look at the history.
Betting, Inc., was a small company with a big idea. Tom Hughes, Betting's president and creator, is a highly motivated, hard working individual who created a hand-held device whereby a person could place a wager and/or conduct a business transaction (e-commerce) from anywhere around the world using what is known as PERFECT (Personal Encrypted Remote Financial Electronic Card
Transactions) same as cash- technology. Tom had developed a great concept that would, in the future of global commerce, be in demand. But Tom was, like so many other entrepreneurs, looking for a way to sell his idea and raise the necessary funds to make his idea a reality. His hard work and perseverance paid off when he made contact with E. James Wexler, a man with equal foresight who immediately recognized the potential that existed for this kind
of technology. Jim was CEO of eBet, Inc. and had experience not only in the industry of Internet Gaming, but also much experience within the financial realm of investment banking. Each of these men brought together their collective talents and decided to merge into a new company called eConnect, Inc..
Now the stage was set. Hughes had the resources now at his fingertips for the financial end of the business, and Wexler had a product that could be phenomenal in the future of e-commerce. Together, they have created a business plan aimed at capturing and harnessing the e-commerce industry and making their company one with great potential for the new millennium.
The new company, eConnect, is a high technology Internet entertainment company that has its own wholly owned Internet Sportsbook, eSportsbook.com, (http://www.eSportsbet.com). They also license customized turn-key Internet gaming systems to third party licensees in exchange for participation in their revenues.
Moreover, eConnect will focus on eCommerce by providing a common currency (e-cash) for use over the Internet. These transactions will be same-as-cash transactions using their PERFECT technology. Customers will purchase e-cash through use of their credit card, smart card, or ATM that is then sent through a secured link over the Internet. Their company then acts as a merchant by accepting their payment in e-cash and then facilitates the settlement in real
currency. eConnect then charges its customers a merchant fee in the form of a percentage of the transactions- just as a credit card company charges discount fees to their client companies. eConnect will also facilitate Internet and non-Internet related wagering for companies. The wagers will originate from locations such as homes, offices, cars and public locations. Making this possible is their portable handheld payment devices that not only send the
encrypted information for payment, but also print out a receipt upon
completion and confirmation of the transaction. One of their new products, the PocketPay, is set for introduction in the spring of 1999. ET&T (Electronic Transactions and Technologies) one of the partners of eConnect will handle all of the transactions that take place between the consumer and the companies to which the consumers are placing bets, or are purchasing merchandise. Beginning in December, eSportsbook to use Betting Inc's Perfect Paymaster
system. They report their customers using the Paymaster with great
satisfaction. For more information on the PERFECT encryption technology, please visit hpos.com
I think it is safe to say that eConnect is a company that shows promise in their long term business plan. Currently, there is no other company in direct competition with eConnect regarding their Pay Masters and PocketPay devices. |
