August 13, 1999 07:15
eConnect Joins with E-SAFE to Form Strategic Alliance
LOS ANGELES--(BUSINESS WIRE)--Aug. 13, 1999--
ETTA to Implement Same-as-Cash(TM) Internet Service in 100,000 Australian, New Zealand, Hong Kong and United Kingdom Homes in Time for the 2000 Summer Olympics.
eConnect, (OTC BB:ECNC), fully reporting, has announced the strategic alliance between eConnect, E-SAFE, and ET&T to enable 100,000 Australian, Hong Kong and British homes to effect Internet Same-as-Cash sports wagers on the 2000 Summer Olympics.
The alliance is to be called ETTA (Electronic Transactions Technologies Australasia).
E-SAFE Pty. Ltd is being led by Iain Gray, the Director of Sydney Fund Managers Limited. E-SAFE is seeking to raise $10,000,000 in a public offering. eConnect is seeking to raise $10,000,000 in a private offering of eConnect Registered SB2 stock.
Same-as-Cash employs inexpensive home hardware to move Internet sports wagers by ATM card and PIN. eSportsbet.com, an eConnect business unit, will initially receive the sports transactions while E-SAFE is applying for an Australian Internet sports gaming license, eSportsbet.org. Thereafter, eSportsbet.com and eSportsbet.org will partner in the development of global Same-as-Cash sports wagers.
ET&T will process the incoming Same-as-Cash transactions. eConnect and E-SAFE will market the services in Australia, Hong Kong, the United Kingdom and other countries under the service name of ETTA.
ETTA is targeting 10 countries for Same-as-Cash gaming transactions by October 2000. Additionally, ETTA will market such eConnect services as EzyPay(TM), EzyShop(TM), EzyGame(TM), EzyCash(TM) and EzyCard(TM) in these countries.
ETTA will also fast track develop the wireless PocketPay(TM) which is both a pocket sized terminal and a voice phone that can effect Same-as-Cash transactions and the SLICK(TM), which is an evolved computer keyboard that safely bypasses the Internet with all data.
"Same as Cash is electronic cash by either ATM card and PIN or by the value added EzyCard that the consumer can use, to pay with cash not credit to our eSportsbet.com web site or to move cash purchases to non gaming sites," stated Thomas S. Hughes, Chairman and CEO of eConnect. "The key is expanding Internet commerce to both credit and cash. The same home hardware that enables a Same-as-Cash gaming transaction can also enable a Same-asCash political donation or purchase or can also enable a more secure credit card transaction."
E-SAFE understands that Same-as-Cash gaming with simple home equipment that can be used by either Internet consumers or by non Internet consumers, will also open the door for many other types of non gaming services, such as bill pay by the home consumer with a bank account using our service and an ATM card with PIN and the home consumer without a bank account using the EzyCard, and we are joining forces with eConnect and ET&T to implement ETTA Same-as-Cash services on a global basis.
E-SAFE will be applying for an Australian license for Internet sports gaming and will jointly develop global Internet sports wagering with eSportsbet.com. E-SAFE has contacts with the decision makers at the highest levels in Phone, Lottery and other services and the company is confident that late Spring 2000 will see many Australian and New Zealand homes enabled for Same-as-Cash bill payments and gaming transactions, according to Iain Gray, Director of E-SAFE.
The ETTA services are gathered under the collective name of P.E.R.F.E.C.T.(TM) (Personal Encrypted Remote Financial Electronic Card Transactions.)
This news 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:
Anita Goldberg, 800/262-2331, investor relations
Bruce McWilliam, 011-61-2-9267-7555
Elias Argyropoulos, 800/600-8599