SALT LAKE CITY — Pacific Nakon announced today that the company is now jointly working with eConnect (OTC Bulletin Board: ECNC) to mass launch the eCashPad in conjunction with the ICasino Pay software to meet the needs of the present 6,000 Internet casinos to be paid with on-line cash.
Merlin 2 and ePos2 software also acquired by eConnect will interface with ICasino Pay, support prepaid card usage, and enable Internet casino customers to move their winnings to a private label debit card for usage outside of the Internet. Home eCashPad users will be able to either use their prepaid card or an eCheck loaded eCashCard to effect cash payments at the Internet casinos.
1,000 eCashPads will be deployed at walk-in locations in major cities. Prepaid cards can then be purchased at these locations and the consumer can then use the eCashPad and the prepaid card to effect cash payments to a variety of recipients.
eConnect has now begun a stock repurchase program that will continue on a steady ongoing basis. The repurchased shares may be used by the Company for general corporate purposes, or may be retired to Treasury. The company’s current strong financial position allows the implementation of the repurchase program without adversely impacting internal investment, implementation, and growth plans. The actions that the company has taken, regarding reducing the shares in the float as of July 22 and the current action of a share buy back program, are being done to enhance shareholder value. The Company’s purchase of any of its shares is subject to limitations that may be imposed on such purchases by applicable securities laws and regulations and the rules of the NASD.
The eCashPad is a revolutionary, inexpensive home hardware device now being deployed by eConnect that enables Internet consumers to swipe their credit cards at Bank Eyes Only- enabled web sites and to also send cash payments by either a prepaid or value-added eCashCard at the web merchant site. The eCashPad readily lends itself to home-originated Toto SGP gaming applications. More information on the eCashPad can be found at http://www.ecashpad.tv
PayPal Subpoenaed for Net Gambling Payments
Internet payment provider PayPal said it received a subpoena from the New York state attorney general’s office related to its activities in the Internet gambling market, the Wall Street Journal reported on Friday.
The company said the attorney general’s office had asked for information about online gambling payments that occur through the company’s network, and it would co-operate.
EBay on Monday said it would cease the business PayPal does with Internet gambling firms when eBay completes its proposed $1.5 billion acquisition of PayPal later this year.
