eConnect announced that eConnect will issue one share of eGS stock per 100 shares of eConnect stock to shareholders of record as of April 3, 2002. eGS intends to apply to the American Stock Exchange to go public at a later date this year.
“eGS is currently a privately held subsidiary of eConnect that has been formed with the strategic goal of positioning itself as an Internet agent for future state regulated and licensed games of chance and skill,” said eConnect Chairman and Chief Executive Officer Thomas S. Hughes. “These games will be played from home at Internet web sites that are state licensed or state run with same-as-cash devices such as the eCashPad. eGS anticipates generating an agent fee for various services.”
eGS currently has a service contract with Bentley Communications (OTC Bulletin Board: BTLY), which is focused on establishing same-as-cash services for its Off Track Betting On Line.com web site. As previously announced, Bentley has placed an order with eConnect for 100,000 eCashPads to be delivered this year.
The eConnect eCashPad will deliver same-as-cash payments through the service of PlayersCash smart card as developed by Performance Technologies. Consumers will be able to use their eCashPad to load their PlayersCash smart card through CashMover.net. This will give consumers access to their personal checking account and enable them to move funds to their PlayersCash smart card.
eConnect shareholders should not call Corporate Stock Transfer, as the eGS shares are not currently registered under the Securities Act of 1933 and will be issued to eConnect shareholders by eGS. If you have eConnect shares listed in street name with your broker, then the eGS shares will be issued to your broker, who will then distribute the shares to you. If you have your name and address listed at Corporate Stock Transfer, then eGS will directly mail your eGS stock certificate.