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LAS VEGAS--(BUSINESS WIRE)--May 20, 1999--E.T. Capital, Inc. (OTC BB:ETCP) today announced that it will launch its Internet Timeshare auction site, ''ebuyauctions.com,'' on June 1, 1999. This site will be the online venue for E.T. Capital's recently acquired subsidiary, Resort Magic Vacations, Inc. ''ebuyauctions.com'' will have the capacity to access every new or resale listing of timeshare properties in the world. ''ebuyauctions.com'' will be linked to Internet search engines and will direct users to the site where auctions will take place. The site, under development by Resort Magic, will give ''virtual reality'' tours of all properties listed with the Company. The consumer will be allowed to place bids over the Internet followed by an online credit application. Successful bidders will be notified by e-mail of the acceptance or denial of their bid. Resort Magic has estimated that in excess of 100 million timeshare units have been sold worldwide and that over 1/3 of these could be listed for sale or exchange if a secondary market facility was available. The Company will receive a fee of $150 for every listing accepted to be placed on the website. ''We are extremely pleased to announce the launch of our new auction site, 'ebuyauctions.com.' The online auction venue has proven to be extremely successful for companies such as eBay.com (Nasdaq:EBAY - news), Amazon.com (Nasdaq:AMZN - news), Ubid (Nasdaq:UBID - news), Yahoo! Auctions (Nasdaq:YHOO - news), Bid.com (OTC BB:BIDS) Ecom.com (OTC BB:ECEC) and Onsale.com (Nasdaq:ONSL - news). We will integrate the success of the online forum with the demand for a venue that is accessible for everyone in the Timeshare industry. We believe that being the first to market with an auction site for Timeshare properties will allow us to gain a large portion of market share in this industry,'' stated Sidney B. Fowlds, Chairman of E.T. Capital, Inc. Fowlds continued, ''potential buyers and sellers of vacation Timeshare properties will not only readily accept doing business on the Internet, but they will welcome this first ever venue to buy or sell Timeshare properties. Buying or selling Timeshare units through 'ebuyauctions.com' will result in significant savings to both the buyers and sellers''. Resort Magic is under contract to market Timeshare inventory for the Pahio Group on the Island of Kauai, Hawaii and is negotiating a joint venture of Timeshare properties in key locations in Las Vegas, Nevada located in the proximity of the new ''Bellagio'' and ''Paris'' mega-resorts. These properties will also be made available on the initial auction that will take place on ''ebuyauctions.com.'' E.T. Capital, Inc. will be relocating its offices to the offices of Resort Magic in Las Vegas and will reincorporate the Company in the State of Nevada. Resort Magic is a Timeshare and Real Estate Marketing company headquartered in Las Vegas, Nevada and is a licensed real estate broker in thirteen states. Resort Magic's management team has extensive Timeshare experience and has been responsible for over US$300 million in Timeshare sales. Included in this release are ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors. Contact: Interwest Associates Investor Contact, 949/645-8324 | ||||||||||||||
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