TALLAHASSEE, Fla., July 15, 2010 (GLOBE NEWSWIRE) -- eLayaway, Inc. (OTCBB:ELAY), the Internet's first and only patent pending layaway payment processor, announced today that the Company is building its Advisory Board and has added its initial two members, both with extensive industry experience to help guide the development and growth of the Company. The Advisory Board will be responsible for helping to establish the eLayawayÒ payment system as the most widely recognized brand name in alternative payments solutions for consumers and merchants in the multi-trillion retail industry.
The Company is the sole provider of a new proprietary online payment system that allows consumers to prepay for items using a monthly payment schedule that best fits their needs and budget. eLayaway® also gives merchants access to millions of credit-conscious shoppers who were either previously unreachable or looking for alternatives to traditional credit cards and debt related buying.
Joining the Advisory Board as its first two members will be Larry Witherspoon, formerly the CEO of Tickets.com, and Jim Anderson, Founder of About.com. As part of the eLayaway Advisory Board, Larry Witherspoon will provide expertise in Operations and Information technology, a knowledge set critical to the continued expansion of eLayaway®'s sophisticated, proprietary payment processing system. Likewise, Jim Anderson brings expertise in Development, Branding and Internet Technology to benefit the Company's continued success and future growth toward becoming a household name among consumers and merchants alike.
"Drawing on the combined experience of these two gentlemen will strengthen our strategic approach and ensure that we remain focused on our business endeavors," commented Douglas Salie, CEO of eLayaway. "Their enthusiasm for the eLayaway® project is both encouraging and an inspiration to our team," continued Salie.
Prior to joining eLayaway, Mr. Witherspoon was Chief Executive Officer of Tickets.com, where he was responsible for the execution of the company's overall direction and strategic plan. Tickets.com, a subsidiary of Major League Baseball, is a leading global live-event ticketing service provider and is a primary choice for thousands of top entertainment and sports venues.
Mr. Anderson's many notable accomplishments prior to joining eLayaway include founding and playing a key role in the growth of the Internet company, About.com. He is a leader in many areas at the forefront of technology innovation including mobile solutions utilizing VoIP over Satellite, Secure SMS/MMS Messaging, Secure Mobile Commerce and Artificial Intelligence, Machine Learning Technologies, Social Networking and Software and Systems Architecture, among others. Much of Jim's work has resulted in unique, proprietary solutions in computing, security and telephony via his privately held companies.
How eLayaway Works for Consumers
eLayaway® is an online payment system that allows consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases affordable and easy to budget. Payments are automatically drafted from the consumer's designated bank account via Automated Clearing House ("ACH") on the modifiable schedule set by the consumer at the time of purchase. A flat 1.9% transaction fee is charged to the consumer and all payments are held in an account in trust at HSBC Bank and transferred to the merchant once full payment has been made. Like traditional layaway programs of the past, delivery of the product or service occurs once payment is complete. Payment processing and supporting services are handled by eLayaway® while merchants provide order fulfillment.
How eLayaway Works for Merchants
For many online merchants, eLayaway® offers an opportunity to provide layaway to their customers as a means to expand market share while reducing the administrative requirements of traditional layaway. Merchants are now turning to payment alternatives such as eLayaway® in order to take advantage of opportunities that increase sales and profits. Today, approximately one-half of all consumers do not qualify for credit. eLayaway® provides an alternative payment method that allows these consumers to make the purchases they desire while enabling merchants to sell additional products on an immediate basis.
In addition to eLayaway.com, the Company also owns and operates eLayawaySPORTS.com, eLayawayTRAVEL.com and eLayawayHEALTH.com. eLayaway, Inc. was founded in 2005.
Press summary, logos and screenshots available for download at: eLayaway.com/press.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
For more information, please visit www.eLayaway.com.
CONTACT: Emerging Growth Research Carrie Snyder (917) 862-0705