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Founded in 1983, ETI is a leading innovator in the
development of on-line computer software applications, communications systems
and terminals for the lottery and gaming industry. ETI designs, manufactures,
sells, installs, operates and maintains lottery systems in the on-line lottery
and video lottery market. ETI's lottery systems, consisting of a central
computer system (OMEGASYS™), lottery terminals (V³ ELITE, V-3000,
V-2000, and V-GASS), software and communications equipment, are sold, either
individually or as a complete solution. ETI also offers lottery operation and
management services to lottery jurisdictions throughout the world. Where the
availability or quality of telephone lines to connect lottery terminals is a
problem ETI has designed and implemented custom telecommunications networks
using UHF radio or other wireless telecommunications technologies.
Although
ETI's primary market is governmental lottery authorities worldwide, its
products are also in use by businesses with gaming licenses in their
jurisdictions. In the province of Québec, Canada, ETI is the principal
supplier of lottery technology products. In some international jurisdictions
ETI has a long-term contract to provide on-line lottery or video lottery
systems.
ETI's headquarters, approximately 13,000 sq. ft. in downtown
Montreal, includes administrative offices, and research and development
laboratories. Manufacturing and assembly of its on-line lottery and video
lottery terminal products are conducted in a 25,000 sq. ft. facility located in
Varennes, about 20 miles from ETI's headquarters.
E-Channels Corporation
Announces Merger With ETI
MONTREAL, Quebec (November 27,
2001) -- E-CHANNELS CORPORATION is pleased to announce that it has entered into
an agreement with ETI (Expertise Technology Innovation) INC. pursuant to which
ETI will be merged with a wholly owned subsidiary of E-CHANNELS.
The merger
is subject to certain conditions, including regulatory approval and is expected
to close on or before December 20, 2001. Following the completion of the
merger, E-CHANNELS INC. will issue to the former shareholders of ETI
approximately 40,000,000 shares of its common stock. Immediately prior to the
completion of the merger, E-CHANNELS will have completed a three for one
reverse split of its capital and will have changed its name to ETI (Expertise
Technology Innovation) Corporation.
ETI is based in Montreal, Canada. It is
an innovator in the development of on-line computer software applications,
communications systems and terminals for the lottery and gaming industry.
Founded in 1981 as a computer consulting firm, ETI utilized its software
development expertise to create a unique on -line lottery applications system
based on a modular, open architecture. ETI subsequently broadened its on-line
lottery product line by developing highly versatile on-line and video lottery
terminals. ETI manufactures all of its products and markets them either
individually, or as a complete on-line lottery system. In addition, ETI offers
lottery operation and management services to lottery jurisdictions throughout
the world.
ETI has no regular flow of earnings and will need to raise
additional capital to complete its plan of operation. Such additional capital
may be raised through public or private financing as well as borrowings and
other sources. The Company cannot guarantee that additional funding will be
available.
SOURCE: E-CHANNELS CORPORATION.
CONTACT: Pierre Garceau,
514/426-2977.
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