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eConnect Announces 2.1 Million in Gaming Volume With June Revenues of $106,000 for Its eSportsbet Business Unit.

LOS ANGELES--(BUSINESS WIRE)--July 6, 1999--

eConnect (OTC BB:ECNC), fully reporting, announced that its eSportsbet business unit generated $106,000 in June revenues from an eSportsbet record month of 2.1 million in gaming volume.

"Due to the Stanley Cup Hockey Finals, the NBA Basketball Championships and the US Open Golf Tournament, we had a record eSportsbet month, and expect that July, August and September will be busy months for us. By the August launching of our eSportsbet.com web site, we will be bringing in a wider market of customers with more profits for eSportsbet due to the less expensive costs of Internet transactions combined with our present over the phone business," stated an eConnect spokesperson.

eSportsbet is a business unit within the eGaming division of eConnect. In August, eSportsbet will have expanded its market reach with an eSportsbet.com web site.

"While our eGaming division is generating revenues and earnings, our eGate division remains on schedule for the Pilot testing of our P.E.R.F.E.C.T(TM) technology with First Entertainment.com (OTC BB:FTET)," commented an eGate spokesperson for eConnect.

eConnect's P.E.R.F.E.C.T(TM) (Personal Encrypted Remote Financial Electronic Card Transaction) technology will provide web sites with the ability to accept ATM cards as payment. This will enable consumers to safely use their ATM cards over the Internet in same-as-cash TM transactions.

eConnect plans to move from Pilot to full production in time for thousands of web sites to implement P.E.R.F.E.C.T(TM) for the Christmas season.

"Preliminary research has also shown very intense interest in P.E.R.F.E.C.T(TM) on the part of organizations who generate large numbers of consumer bills, such as utilities, department stores, and credit card companies, who could use same-as-cash P.E.R.F.E.C.T (TM) to enable consumers to visit the billers' web site to pay their utility bills, for example, by same-as-cash TM ATM card payments.

"If you combine the massive cost savings of utilities presenting their bills to customers by way of the Internet along with the customer being able to pay the utility or other biller with a same-as-cash not credit card payment, then you see a quantum leap for the Internet industry," said an eConnect spokesperson.

eConnect is made up of two divisions: The first, eGaming, is presently generating revenues and earnings from its eSportsbet and 777WINS.com business units that eConnect operates or licenses technology to.

The second division, eGate, is launching a July start date of EzyShop(TM) which are freely located kiosks using the eConnect Patented EzyShopper. Lower in size and cost from traditional kiosks, the EzyShopper service will be deployed in car washes, hotel lobbies, clinics, any place where people find themselves waiting with time on their hands.

Waiting consumers can shop from upscale catalogs by using their bank cards with the eConnect EzyShopper(TM) Kiosk. Later this year, eGate will launch merchandise sales and bill payment services over the Ezy.cc web sites by leveraging the consumer base and name recognition being built by the EzyShopper kiosks.

"The common thread that ties our divisions of eGaming and eGate together is eConnect's role as the processor of P.E.R.F.E.C.T(TM) transactions with both Internet and non Internet merchants. Initially, all PERFECT transactions will originate from eConnect equipment. However, eConnect will establish an open architecture which will enable other companies to produce PERFECT equipment and to originate transactions which will be processed by eConnect; with the goal of creating a global PERFECT industry." said an eConnect spokesperson.

This press release contains "flash" results that have not yet been audited, and contains forward looking statements subject to the safe harbor act created by the Securities Litigation Reform Act of 1995. Management cautions that these statements represent 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.
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Publication:Business Wire
Date:Jul 6, 1999
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