DESOTO, Texas, Aug. 3, 2005 (PRIMEZONE) -- eTelcharge.com (Pink Sheets:ETLC), www.etelcharge.com, a financial diversified merchant service company, today announced it has retained the accounting firm of Malone & Bailey, PC as its new independent auditor.
Malone & Bailey, PC is a full service accounting firm committed to delivering high integrity compliance services. The firm specializes in delivering audit and tax services to publicly traded and closely held clients in a number of industries including high technology, retail, telecommunications, construction, oil and gas, entertainment, professional services, and light manufacturing.
"We believe the retention of Malone & Bailey to complete the audits of our financial statements for our fiscal years ended December 31, 2003 and 2004, reflects an indication of our steadfastness, and we are assured that the issues with respect to our financial statement filings will be resolved in a timely manner," stated Carl O. Sherman, president and CEO of eTelcharge.com. "This engagement is in connection with our line of attack to regain compliance with OTC listing rules regarding periodic filings, denoting measures that we have taken and will take in order to achieve full compliance soon. At the same time, the company is continuing to move forward with executing our business strategy."
About eTelcharge.com
eTelcharge.com (Pink Sheets: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 a number of 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 started as the only company with the ability to charge a variety 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, limited working capital, the need for additional capital, end-use customers' acceptance of new products and actual demand, the need for eTelcharge.com, Inc. to manage its growth, and other risks associated.