July 17, 2008 06:30 ET

Etelcharge Announces Decision of California Bankruptcy Court to Approve Etelcharge's Acquisition of Payment One

DESOTO, TX--(Marketwire - July 17, 2008) - (OTCBB: ETLC), the new online way to pay™, 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, which permits a 50 state strategy to expand our payment processing business," Howe concluded.

About Etelcharge (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 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

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 or from's website at makes no commitment to revise or update any forward-looking statements except as otherwise required by law.

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