Tuesday August 10, 7:30 am Eastern Time
Company Press Release
eConnect announces that ''E'' designation to be removed after stock symbol.
LOS ANGELES--(BUSINESS WIRE)--Aug. 10, 1999--eConnect (OTC BB:ECNC), fully reporting, has announced that the ''E'' designation after the eConnect stock symbol was improperly placed and will now be removed.
On August 9, 1999, the company was notified by the NASD Stock Market Inc. that, after consulting with personnel of the Securities and Exchange Commission, Division of Corporation Finance, it is currently in full compliance, and has been in full compliance, with its reporting obligations under the Securities Exchange Act of 1934.
It was also informed that a notification would be placed on the OTC Bulletin Board website (www.OTCBB.com) on August 10, 1999 indicating that the ''E'' would be removed from the trading symbol for the company (to occur not later than August 12, 1999).
Thomas S. Hughes, Chairman and CEO of the company, stated that ''we were gratified to learn that the NASD has subsequently agreed that we are in full compliance and have been in full compliance with our reporting obligations. Our counsel has been in contact with the NASD to clearly explain the position of the company under the transition reporting rules. The company will be timely filing the Form 10-QSB for the quarter ended June 30, 1999.''
eConnect is made up of two Divisions: eGaming, which is focused on the development of both Internet and non Internet gaming transactions through the implementation of Same-as-Cash (TM) payments by either ATM card and PIN for banked consumers and by the EzyCard (TM) for non banked consumers. Both types of transactions are enabled by proprietary eConnect equipment and Host processor.
eGate, the second Division, is focused on the development of secure Same-as-Cash Internet transactions; EzyShop, the usage of the eConnect equipment to generate self serviced purchases from consumers sitting in waiting rooms and shopping from national catalogs; and EzyCard, a value added card to be used by non banked consumers using the publicly located eConnect equipment to effect self service pay bill payment, catalog purchases, and legally permitted self service lottery transactions.
eGate is focused on both Internet and non Internet business applications.
Anita Goldberg, 800/262-2331 (Investor relations)
Elias Argyropoulos, 800/600-8599