Alliance Equities, Inc. Announces Extension of $7 Million Line of Credit
To eConnect, Inc.
FORT LAUDERDALE, Fla., Mar 1, 2001 /PRNewswire via COMTEX/ -- Alliance
Equities, Inc., a Florida-based venture capital firm, today announced the
signing of a letter of intent to extend eConnect, Inc. (OTC Bulletin Board:
ECNC), a $7,000,000.00 line of credit through December 31, 2002. The funds are
to be used for product development, expansion, possible acquisitions, and a
possible share buyback program.
Richard Epstein, president of Alliance Equities, stated, "We are thrilled to be
involved with eConnect, which we believe is on the cutting edge of remote and
personal financial electronic card transactions from the home, office and mobile
locations. The eConnect Host center approach combined with inexpensive home
hardware such as the eCashPad is leading the way for the emergence of the global
multi-trillion dollar PERFECT industry."
About Alliance Equities: Alliance Equities, Inc. is a south Florida venture
capital firm. Alliance specializes in helping to finance small emerging growth
companies with an emphasis in the technology area.
The eCashPad, now on sale for $59.95, is a common-sense solution to the problem
of e-commerce fraud, consisting of a "plug-and-pay" PC peripheral approximately
the size of a PC mouse. By swiping an ATM card with PIN, credit card, or smart
card through the eCashPad, the consumer will rout financial information directly
to the financial institution that settles the online purchase and pays the
merchant. The consumer's financial information is neither seen nor stored by the
merchant, who is charged a flat fee per Bank Eyes Only(TM) transaction.
In addition to retail sale, the eCashPad is being distributed promotionally via
the retail, gaming, financial, brokerage and interactive entertainment
industries.
eConnect is currently deploying Bank Eyes Only(TM) in the U.S., the Caribbean,
and Europe through host processing centers owned or under development by the
Company, or its affiliates, in Milwaukee, Santo Domingo, Dominican Republic, and
in the area of Atherton, Ireland, respectively. eConnect further plans to expand
the system internationally, through company owned-and-operated host processing
centers in Hong Kong and Australia.
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