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i-Transaction.net Inc. Announces Wholly Owned Subsidiary ePass Canada Inc. Has Entered Into A Full Scale Hardware/Software Development Agreement With Essential Reality LLC.

Business Editors

TORONTO--(BUSINESS WIRE)--Oct. 11, 2000

I-Transaction.net (OTCBB:ITNI) ePass Canada Inc. (ePass) a wholly owned subsidiary of i-Transaction.net Inc. (OTCBB:ITNI) has recently completed a development agreement with Essential Reality LLC (ER).

Under the contract, ePass will act as the main engineering and integration team responsible for bringing ER's product to market.

Essential Reality is developing a unique product code named The Gauntlet, which allows PC users to intuitively interface with their computer and Web pages via a special input device on the user's hand. With gesture recognition drivers and software, a user will be able to manipulate content on the Internet and interface with 3D applications like never before. ER is developing this product in conjunction with the makers of the original Nintendo PowerGlove. The PowerGlove was incredibly popular, selling over 1.8 million units within 18 months, and is still remembered by many as a unique and innovative product for its time. The Gauntlet is based on some of the same technology that was used to create the original, Nintendo PowerGlove.

Under the contract, ePass will act as ER's main engineering design and integration team. As such, the Company will be responsible for developing and integrating all the required electronics, creating necessary software, setting up third party development support, and turning over the technology for mass-market manufacturing. This second generation product will be designed to be USB compatible, allowing for a much wider and deeper market penetration than the original product. All USB compliant computer and game consoles (PC, Apple, Sony PlayStation2, Microsoft X-Box, etc.) will be supported, creating a large install base of potential users. This generation of the product will also offer much greater performance and user comfort features enabling for a more diverse range of applications. The Company also stands to gain significantly from the royalty stream, based on the number of products sold.

David Devor, a Co-Founder and Chief Operating Officer of ER says, "ePass' technologies and know-how have helped us accelerate our product development and achieve our goals. We are very excited to bring this product to market with the help of ITNI's group of technical and engineering talents." Tom Weisner, C.E.O, ITNI, says, "Essential Reality has a very innovative product and absolutely no competition in the marketplace. We are very excited to work with ER and The Gauntlet, as it has the ability to gain enormous market penetration and change the way people interface with their computers".

ITNI is a global leader in the development of advanced business software solutions. It currently supports products designed for the financial community, call centers, embedded products, and the Internet. The company exclusively owns both the ePass product line and ePass brand name. The ePass line of products are based on tight systems integration. The keystone of ePass begins with a simple user interface and convenient interaction between people and technology. ITNI's products and services originate in four basic areas: database management and mining, advanced communication technologies including delivery of Voice over IP (VOIP), rapid deployment of complex web sites and integrated instant messaging products.

For more information on Essential Reality and this agreement go to: WWW.ESSENTIALREALITY.COM For more information, please visit ePass Canada Inc. at www.epasscanada.com

This Press Release contains forward-looking information, including but not limited to statements involving ITNI's plans, expectations and objectives. Actual results may be materially different than those anticipated in these forward-looking statements. Factors that could cause actual results to materially differ include known and unknown risks, including uncertainty of new product development, the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated, early stage of development of the eP@ss products, the company's ability to predict accurately the demand for its products in these emerging markets and to develop strategies to address these markets successfully, the company's ability to manage its growth and changing business, the company's ability to successfully integrate the operations of eP@ss Canada, the retention of key technical and other personnel, risks associated with the financial leverage, currency and other risks related to international operations, rapid technological change and intense competition, as well as other risks set forth in ITNI's filings with the Securities and Exchange Commission. ITNI cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. ITNI expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in ITNI's expectations or any change in events, conditions or circumstance on which any such statement is based. All product names and trademarks mentioned herein are trademarks of ePass Canada Inc. or their respective owners.
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Publication:Business Wire
Date:Oct 11, 2000
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