Let's talk about the 25% shares.....
Here is the PR issued announcing the 25% shares in the eCaribbean spin off. The ECNC Camp (Tommies) says that Egan issued the PR; however, the FSTI Camp (Paulies) say Hughes issued the PR. Just who issued the PR? Notice the origin of the PR.....
Don't forget the 25% shares that Egan promised ECNC shareholders by the PR listed below.
eConnect Caribbean Signs Letter of Intent to Become a Separately Traded Public Company from eConnect Inc.
3/19/2001 8:08:00 AM
'Existing eConnect Shareholders to Receive Dividend Shares in Newly Traded Company,' Says Paul Egan, CEO
SANTO DOMINGO, Mar 19, 2001 /PRNewswire via COMTEX/ -- eConnect Caribbean, a subsidiary of eConnect Inc. (OTC Bulletin Board: ECNC), today announced the signing of a letter of intent to form a new entity to be publicly traded on the OTC Bulletin Board. e-Connect Inc. shareholders of record 30 days from the date of signing of the definitive agreement to divest eConnect Caribbean from eConnect Inc. will receive an amount of shares in the new entity equal to 25% of the number of eConnect Inc. shares that they own at that time. Upon issuance of shares by the new company for the benefit of eConnect Inc. shareholders, and achievement of a listing on the OTC Bulletin Board, public trading will then commence in shares of the new company.
With a focus on the development of full-service host processing centers for the Caribbean and Latin America, the new entity will concentrate on the deployment and processing of transactions generated by eCashPads, and the certification and processing of conventional POS devices thru its full-service Host Center in Santo Domingo.
Initial business will begin with the previously announced contract with Banco Nacional de Credito, S. A. and Enelpunto.net, who plan to offer to a wide range of consumers a new PC with modem, printer, uninterrupted power supply unit, speakers, eCashPad, and free Internet installation and telephone connection.
Known as Project 999, and beginning April 1, 2001, the initial target market includes approximately 30,000 new PC users. This marketing plan intends to stimulate e-commerce and general Internet access in Latin America, beginning with the Dominican Republic. Usage of the eCashPad to effect Internet ATM card with PIN instant cash payments is a particular focus of Project 999.
eConnect Inc. has begun shipping 1,000 eCashPads to EnElPuntoNet to begin Project 999 and will continue to share in revenues generated from transactions and eCashPad orders.
Mr. Paul Egan, President/CEO of the new entity previously called eConnect Caribbean, stated, "together with our strategic partners, the newly formed entity will concentrate on the Latin American region to provide e-commerce solutions to a wide range of applications, including eCashPads, point of sale (POS), money transfer and bill payments. Our technology has been quickly adapted by both merchants and financial institutions to allow us to offer 'Card Present' solutions as an alternative to the present payment system. Also our technology has been embraced by merchants and clients as it has proven to greatly reduce fraud when processing online purchases. We will concentrate on increasing and forming new alliances with companies directly targeting our core business and utilizing our strategic partners to penetrate the Latin American market."
Mr. Thomas Hughes, President and CEO of eConnect Inc., stated: "We are actively working towards completion and signing of the definitive divestiture agreement. We are focused on the two key goals of establishing value for eConnect shareholders and launching the Personal Encrypted Remote Financial Electronic Card Technology industry. We believe that the divestiture of eConnect Caribbean as a publicly traded company separate from eConnect Inc. accomplishes both goals."
SAFE HARBOR: 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.
SOURCE eConnect Caribbean
AI
