SOURCE: EnterConnect, Inc.

December 21, 2007 08:45 ET

EnterConnect, Inc. (ECNI) Raises $4.8 Million in Growth Capital

SAN JOSE, CA--(Marketwire - December 21, 2007) - ENTERCONNECT, INC. (OTCBB: ECNI), leading provider of enterprise-class 'business-ready' portals, today announced that it has entered into a Secured Convertible Notes and Warrants Purchase Agreement with certain institutional investors. Pursuant to the Agreement, EnterConnect issued to the investors, senior secured convertible notes in the aggregate principal amount of $4,823,000 and warrants to purchase common stock.

Chief Executive Officer, Sam Jankovich, commented, "We are pleased to have both our new and existing investors as valued stakeholders investing in the growth of EnterConnect. Their financial support will enable us to expand our new software-as-a-service (SaaS) marketplace, SOAapps.com powered by the EnterConnect portal platform. SOAapps provides ISVs with unique access to dynamic application development and integration technologies from BEA Systems and EnterConnect as well as turn-key enablement services to host, deploy, manage, meter, bill, market and sell best-of-breed SaaS solutions. With analysts predicting that half of all business software products will be delivered through SaaS deployments within five years, the new funding will provide the key resources for EnterConnect to succeed in the market as the leading global SaaS marketplace."

EnterConnect also recently began trading on the OTC Bulletin Board (OTCBB) under the symbol ECNI. Park Financial Group is acting as the Company's lead market maker pursuant to NASD Rule 6740 and Rule 15c2-11 under the Securities Exchange Act of 1934. The OTCBB is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in OTC fully reporting equity securities. Securities quoted on the OTCBB are required to report their current financial information to SEC regulators in order to meet eligibility requirements. Additional information regarding trading on the OTCBB is available at www.otcbb.com.

About EnterConnect, Inc.

Capitalizing on a rich history of more than 50 Fortune 1000 intranet and extranet deployments, EnterConnect, Inc. (ECNI) developed a proprietary standards-based portal platform that enables the company to deliver 'business-ready' portal applications for employee productivity and customer and partner self-service to drive costs down and revenue up. EnterConnect further leverages the 'business ready' portal platform in conjunction with BEA infrastructure to power the new SOAapps.com global SaaS marketplace. The EnterConnect software suite consists of EmployeeConnect, TeamConnect, CustomerConnect and PartnerConnect and is available through traditional licensing as an on-premise solution or as a software-as-a-service (SaaS) solution on SOAapps.com. For more information about EnterConnect visit www.enterconnect.com or call (800) 658-2670.

Disclosure

The Notes and Warrants and the shares underlying the Notes and Warrants offered to the investors are not registered under the Securities Act of 1933, as amended or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. This notice shall not constitute an offer to sell or the solicitation to offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of such state.

Forward-Looking Statements:

Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1993 and the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance and may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EnterConnect, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," and similar expressions are intended to identify such forward-looking statements. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission.

About SOApps.com

SOAapps.com is a new online global SaaS marketplace for mid-market line of business executives in sales, marketing, human resources, finance, operations and information technology to find, try, deploy and manage on-demand applications faster while gaining better business results. The mission of SOAapps.com is to "Transform Business On-Demand" by moving software applications and productivity online. This mission is being achieved by bringing together an integrated network of Business Customers, independent software vendors, value-added resellers and system integrators -- all leveraging the compelling business model of SaaS to achieve more productivity, lower costs and accelerated time-to-value.

Contact Information

  • Contact:
    Jamie Jaye
    Vice President of Sales & Marketing
    800-658-2670