Printer Friendly

INDE'S CONNECTCARD JOINS FORCES WITH CHARTER PACIFIC BANK

 INDE'S CONNECTCARD JOINS FORCES WITH CHARTER PACIFIC BANK
 LOS ANGELES, Feb. 11 /PRNewswire/ -- Independent Entertainment Group Inc. (NASDAQ: INDE) announced today that INDE and Charter Pacific have joined forces to market and develop the industry's only pay-per-call charge card. INDE's ConnectCard is the industry's first and now only operational charge card since Charter Pacific's previously launched Spectrum Card has been incorporated into ConnectCard.
 ConnectCard Inc. is a subsidiary of INDE and has minority shareholders which include a number of the industry's most prominent and influential Information Providers and Service Bureaus. Charter Pacific Bank, a public company based in Agoura Hills, Calif., has provided merchant banking services to the Audiotext industry for over four years and remains the nation's leading financial institution to this unique market segment. The terms of the agreement call for INDE and Charter Pacific to jointly market the card utilizing the bank's full resources and for Charter to make receivables financing available to the merchants of ConnectCard.
 Since opening its first consumer account on June 10, 1991, ConnectCard has opened over 27,000 accounts with gross billing exceeding $2,000,000. Later this month, ConnectCard will launch DirectConnect, a service that will pre-enroll over 250,000 consumers for ConnectCard membership. Using DirectConnect, audiotext customers need only press a single button on their phone to receive ConnectCard billing.
 Recent rulings by the Supreme Court are stated by management of INDE to be "a very positive factor for INDE's pay-per-call operations, since INDE has no involvement in the 900 number segment." Robert Lautz, INDE's chief executive officer, further stated that "The reverse blocking provisions which apply to 900 numbers will drive much of this business to service bureaus such as INDE's 800 Unlimited which meet all the regulatory provisions and safe harbors and have the appropriate controls and systems in place." INDE developed the 800 number credit card billing system several years ago to meet the industry's changing conditions. Lautz added that "INDE had the foresight to develop this billing and collection system and will continue to lead with innovations such as ConnectCard to meet the changing needs of the industry."
 INDE is a leading innovator in the "pay-per-call" telemedia business and has been active in other emerging "new media" including "pay-per- view." INDE's stock trades over-the-counter and is traded by 18 market makers.
 -0- 2/11/92
 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for Independent Entertainment Group/
 (INDE) CO: Independent Entertainment Group; Charter Pacific Bank ST: California IN: FIN ENT SU:


AL-CH -- LA009 -- 8782 02/11/92 11:50 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 11, 1992
Words:425
Previous Article:OUTBACK STEAKHOUSE, INC. ANNOUNCES 190 PERCENT INCREASE IN FOURTH QUARTER EARNINGS
Next Article:BALDWIN & LYONS, INC. REPORTS RESULTS OF FOURTH QUARTER
Topics:


Related Articles
INDE GETS $1.2 MILLION FOR SETTLEMENT OF LENDER LIABILITY SUIT
INDEPENDENT ENTERTAINMENT GROUP INC. REPORTS THIRD QUARTER AND NINE MONTHS RESULTS ENDED SEPT. 30, 1991
INDE SIGNS INVESTMENT BANKING AGREEMENT; NO REVERSE SPLIT IN EFFECT
INDE ANNOUNCES YEAR-END RESULTS
INDE ACQUIRES DURANGO (900) FACILITIES
INDE ANNOUNCES FIRST QUARTER RESULTS
INDE TO ACQUIRE H & R ENTERPRISES SERVICE BUREAU
INDE SECURES MAJOR CUSTOMER AND EQUITY SHAREHOLDER
First Community Bancorp Announces Plans to Consolidate Subsidiaries Into Single Bank.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters