eConnect was Grossly Mismanaged

EyeCashNetworks, formerly known as eConnect and the distributor of “BankEyesOnly” cash pads, acknowledged yesterday that the company was grossly mismanaged prior to the appointment of new senior officers and it is hopeful it can eliminate its liabilities. This settlement is consistent with the company’s policy to deal fairly with the existing creditors while giving the company a chance to get it’s business plan off the ground and to move forward. The company was grossly mismanaged prior to the appointment of Chris Jensen and Gilbert Serrano as head officers and it has been an uphill battle to turn the corner. However, EyeCashNetworks is working vigorously to eliminate all of their liabilities. If the company can continue on its current path of working with its creditors while simultaneously opening up new doors with its technology, management is very hopeful that it can make the company profitable.

eConnect Ousts CEO

CA-based eConnect, developer of the “eCashPad” terminal and a company dogged by investor lawsuits and SEC problems, announced Thursday that Chairman/CEO Thomas Hughes has resigned and has no further connection to the company and has been replaced by Christopher Jensen as Acting CEO. eConnect Inc. is focused on delivering next-generation e-payment solutions. The Company develops proprietary hardware, software and transaction-processing services and believes that hardware-originated transactions are the future of Internet commerce and will benefit both the customer and the merchant.