DESOTO, Texas, March 7, 2005 (PRIMEZONE) -- eTelcharge.com, Inc. (Pink Sheets:ETLC) announced today further information and detail regarding its previously announced payment processing contract with the City of DeSoto, Texas.
For the first seven months of the contract, the Company processed approximately $600,000 of credit card payments and related other payments resulting in approximately $2,200 of revenue to the Company. As the contract progresses over the course of the next 12 months, the Company anticipates that it will process approximately $160,000.00 of credit card payments and $40,000 of other payments (including on line check payments and charges to phone bills) on average per month, resulting in average recurring revenue to the Company of approximately $2,000 per month.
About eTelcharge.com
eTelcharge.com (ETLC) offers the traditional credit card merchant services, checks and other existing financial infrastructure offered by banks, as well as the proprietary new online currency that provides online shoppers the exclusive choice to charge items to their telephone bill. Designed to reduce the risk of identity fraud and identity theft by providing an Internet credit option for online shoppers to charge items sold over the Internet. This payment option is a perfect match for the 70 million Americans who do not own a credit card. eTelcharge.com is currently the only company with the ability to charge a category of products to the home phone bill. Clearly, past electronic commerce solutions have not employed effective security and privacy techniques that adequately address consumer concerns about privacy and security on the Internet today. The release of the latest version of the proprietary phone billing option is scheduled to be launched summer 2005. For more information, go to http://www.eTelcharge.com.
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements involve a number of known and unknown risks and uncertainties that may cause eTelcharge.com, Inc. and actual results or outcomes to be materially different from those anticipated and discussed herein. These include its historical lack of profitability, the need for additional capital, end-use customers' acceptance of new products and actual demand, which may differ significantly from expectance of new products and actual demand, which may differ significantly from expectations, the need for eTelcharge.com, Inc. to manage its growth, and other risks associated.