SOURCE: eTelcharge.com, Inc.

December 01, 2008 06:30 ET

Etelcharge Abandons Pursuit of PaymentOne

Cites Economic Downturn and Increased Risk

DESOTO, TX--(Marketwire - December 1, 2008) - Etelcharge.com (OTCBB: ETLC) today announced it has abandoned its proposed acquisition of PaymentOne. "Given the general economic downturn and the increased risk posed to the success of this acquisition, we have determined the PaymentOne deal is too risky to complete," said Rob Howe, Chairman and CEO of Etelcharge.com. "We will move ahead to achieve our strategic goal of nationwide telco coverage through our current telco billing and collections provider."

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.

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