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Etelcharge Announces Decision of California Bankruptcy Court to Approve Etelcharge's Acquisition of Payment One
(Marketwire Via Acquire Media NewsEdge) DESOTO, TX, July 17 / MARKET WIRE/ --
Etelcharge.com (OTCBB: ETLC), the new online way
to pay(TM), today announced that the Company's acquisition of Payment One
was approved by the United States Bankruptcy Court for the Northern
District of California (San Jose, CA). As previously disclosed, Etelcharge
entered into an agreement to acquire the outstanding equity of Payment One
Corporation from The Billing Resource, which had filed for bankruptcy
protection late last year. The decision of the Bankruptcy Court removes
the most significant substantive condition to the closing of the
transaction. It is anticipated that the additional customary closing
conditions will be satisfied and the acquisition consummated within 45
days.
Pursuant to the acquisition agreement, Etelcharge will receive, by virtue
of its acquisition of the Payment One equity, all of the Payment One
assets, customers, nationwide telco coverage, a stellar employee base and
technology developed over the past eight years.
"We are extremely pleased that the Bankruptcy Court rendered this
decision," stated Rob Howe, Chairman and CEO.
"Our prospects now are extremely bright. Upon closing of the acquisition,
our client list will have grown a hundred-fold over night, the prospects
for new business are at our front door and we are working with the most
talented people I have met during my tenure in the field of high
technology. Of equal importance is the transition from a small company
generating modest revenue, to a company generating $12 million in yearly
revenue. The Payment One acquisition will create the foundation for the
future growth of Etelcharge.com, which permits a 50 state strategy to
expand our payment processing business," Howe concluded.
About Etelcharge
Etelcharge.com (OTCBB: ETLC), the first Web 2.0 online payment system,
provides online shoppers the ability to charge approved transactions to
their telephone bill. While addressing the concerns online shoppers have
about identity fraud and identity theft, the Etelcharge.com payment option
is also a perfect match for the millions of individuals without a credit
card, or even a bank account. For more information, go to
www.Etelcharge.com.
This 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 actual
results or outcomes to be materially different from those anticipated and
discussed herein. All documents are available through the SEC's Electronic
Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from
Etelcharge.com's website at www.Etelcharge.com. Etelcharge.com makes no
commitment to revise or update any forward-looking statements except as
otherwise required by law.
Contact:
Investor Relationsir@Etelcharge.com
Cynthia DeMonte
917-273-1717cynthiademonte@gmail.com orcdemonte@demonte.com
Copyright ? 2008 Marketwire
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