First American Payment Systems Inc. of Canada to Use eConnect's eCashPad Internet Solution for International Gaming Market.Business Editors MONTREAL--(BUSINESS WIRE)--May 29, 2001 First American First American may refer to:
FAPS Fayetteville Animal Protection Society (Fayetteville, NC) FAPS Finnish Association of Physics Students FAPS FERS Automated Processing System FAPS Fire Alarm Panel, Supervisory ") announced today that it has selected eConnect (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ECNC ECNC European Centre for Nature Conservation ), manufacturers of the eCashPad, as an integral part of its MMEC MMEC Montana Manufacturing Extension Center MMEC Materiel Maintenance Engineering Center (Member Money Exchange Center). MMEC (Member Money Exchange Center) is a jointly developed venture of FAPS and the Sygenics Corp., www.gcsports.com. FAPS is purchasing an initial 10,000 eCashPads to correspond with eConnect's rollout. In addition, FAPS will aggressively market the eCashPads to their existing merchants and consumers in the ensuing months according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Anthony Varvaro, president of FAPS. Varvaro further stated: "As a leader in Internet payment solutions, we are proud to integrate eConnect's technology into our system. The ability of the MMEC consumer to send real cash payments by ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society. Its primary uses are: eConnect will drive the Canadian MMEC eCashPad originated transactions to FAPS and will generate a transaction fee per eCashPad usage as MMEC customers use their eCashPads for a variety of transactions ranging from bill payment to online gaming. MMEC is a full-service online cash transfer system specializing in online gaming. MMEC has targeted the launch date for public access in July 2001. MMEC expects to have 15,000 registered users within the first 6 months of operations. The MMEC system will allow customers to track all of their online gaming transactions as well as transfer funds directly to or from their personal bank accounts. FAPS is a leading payment facilitator in the online gaming market with offices in Montreal; Las Vegas; Birmingham, Ala.; and Margarita, Venezuela. In 2000, FAPS processed over $25,000,000 in transactions for its customers. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : Certain statements in this release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities and Exchange Act of 1934 and are subject to the safe harbor created under those sections. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. For more information on eConnect, the eCashPads, or its Bank Eyes Only Solution, contact Erin Lovejoy, Director of Sales, 310/241-6236. |
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