DESOTO, Texas, Sept. 21, 2005 (PRIMEZONE) -- eTelcharge.com, Inc. (the "Company") (Pink Sheets:ETLC) www.etelcharge.com, a financial diversified merchant services company, today announced that the release of Version 1.1 of its alternative online payment option has been successfully beta tested. In line with merchant requests, the Company is modifying the system to create the significant market penetration it expects when released, key in managing a burgeoning consumer market.
eTelcharge.com concurrently announced that in conjunction with these requests, effectuating business relationships and system augmentations, David A. Young, P.E. has been appointed Senior Director of Operations. Young possesses 31 years of experience with large incumbent carriers, competitive interchange and CLEC carriers, along with engineering consulting. His expertise includes telecommunications planning and engineering, research and development, economic feasibility studies, project management, network cost asset management, tariff and regulatory issues, marketing and sales. Prior to joining eTelcharge, Young acted as Senior Director of Network Cost Management and Director of Industry Relations for VarTec Telecom managing network expenses of $52 million annually. He was the Account Manager of Wholesale Markets for SBC (NYSE:SBC), responsible for the marketing and sales of services and facilities to major telecommunications accounts. For SBC, Young also served as Manager of Research of Belcore, a rotational assignment, where he provided advice on new technologies and potential opportunities for SBC's expansion. Young spent nine years in the capacities of Area Manager Facility Engineering, Area Manager of Network Economic Studies and Manager Network Engineering for Southwestern Bell Telephone.
David Young holds a B.S./Electrical Engineering from the University of Texas and an M.B.A. from Southern Methodist University. He is a registered Professional Engineer in the state of Texas and a Senior Member of Electrical and Electrical Engineers Association.
"Although we are disappointed that we did not meet the official 'launch' date, it is our contention that the modifications requested by merchants along with systems and relationship enhancements will provide the long-term value that is only created by long-term solutions," stated Carl Sherman, CEO. "Additionally, we are honored to have David Young on board at such an opportune time as eTelcharge sets foundations for a prosperous future. Accommodating for this future growth, Mr. Young, a seasoned industry expert, possesses not only the technological savvy, but also the business marketing strength, which should assist us in making our alternative online currency a viable alternative for millions of consumers, and only create greater value in our planned merger with The American Home Market Corporation."
"It is our commitment to keep our loyal shareholders and the investment community regularly updated concerning our progress," Sherman concluded.
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 1.1 phone billing option's launch date is being rescheduled for a later date to be announced. For more information, go to http://www.eTelcharge.com.
About The American Home Market Corporation
The American Home Market Corporation (AHM) and its subsidiaries are a Fee Office of Title Texas (Formerly Safeco Land Title of Dallas). We have assembled one of the most experienced commercial and residential closing teams in the State of Texas, if not the nation. The combined expertise of our escrow officers, in-house attorney closers, support legal staff and escrow support staff is unequaled in the business. A strong and widely diversified repeat customer base (individual, developer, lender, attorney) is a powerful testimony to our success. We are Certified Closing Agents for the United States Department of Housing and Urban Development (HUD) and as such we are the closing agents for any home sold by HUD in 42 counties throughout the State of Texas. With over $100,000.00 million in yearly revenues, we are strongly committed to providing the finest products and services available.
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.