August 23, 1999 06:17
eSportsbet Announces Successful Initial Testing Of eSportsbet.com Web Site
LOS ANGELES--(BUSINESS WIRE)--Aug. 23, 1999--eConnect (OTC BB:ECNC), fully reporting, announced that eSportsbet which until now has been receiving over the phone sports wagers, has successfully tested the eSportsbet.com web site and will soon open the site to the public.
"Test customer responses have been excellent and we look forward to an imminent global launch of eSportsbet.com. eSportsbet has been averaging about 2 million per month in over the phone wagers and we expect to triple our business with the activation of our web site combined with our existing business. We are also very excited about the scheduled testing of Same-as-Cash wagers which we will be receiving from Australian originated ATM card with PIN wagers.
"This opens up simple pay per play by the consumer with no need to open an account and this will be a tremendous and cost efficient move for eSportsbet.com. We will also be offering our Same-as-Cash Internet wagering services to competitor Internet wagering sites," stated James Wexler, President of the eGaming division of eConnect.
"We feel that Same-as-Cash Internet wagering originating from Australia, which has legalized Internet gaming, will inevitably lead to a model of instant taxation of the players winnings which will be deducted by the consumer's recipient bank. This model, which will begin in Australia with our partner E-SAFE, will eventually migrate to the United States and to other countries who will then enjoy continual revenues from the instant taxation of players winnings," stated Thomas S. Hughes, Chairman and CEO of eConnect.
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, has both Internet and non Internet business applications and is focused on three areas of ecommerce business: 1. The development of secure Same-as-Cash Internet transactions; 2. EzyShop, the usage of the eConnect equipment to generate self serviced purchases from consumers sitting in waiting rooms and shopping from national catalogs; and 3. EzyCard, a value added card to be used by non banked consumers using the publicly located eConnect equipment to effect self service bill payment, catalog purchases, and legally permitted self service lottery transactions.
This press 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.
Anita Goldberg, 800/262-2331 (Investor Relations)
Bruce McWilliam, 011-61-2-9267-7555
Elias Argyropoulos, 800-600-8599