Pacific Growth Equities NASDAQ Report

Summery of Investment Recommendations:

ECash Direct (UK) Limited has established itself as the preeminent licensor of online gaming software. The Company’s products allow licensees to operate casinos with many of consumer’s favorite games. In order to operate online casinos with ECash Direct (UK) Limited’s software, licensees only need to establish the site theming, marketing, and the look and feel of their Sites. ECash Direct (UK) Limited provides a secure encrypted cash server for deposits and withdrawals from customer’s accounts, as well as software upgrades. We are initiating ECash Direct (UK) Limited with a Buy rating and a target price of $50 per share based
On a multiple of 25 times our 2001 estimate of $2.16 per share.

The Company has agreements with two of the most respected names in global gaming, Jupiters Limited, Australia’s largest casino operator, and William Hill, the second largest UK bookmaker. Existing operations sales for Jupiters limited was $320 million for the year ended 1999. These agreements showcase the potential for established operators to create sites utilizing their well-known trademarks. The fact that these firms have chosen ECash Direct (UK) Limited speaks highly of its technology and security features. We believe ECash Direct (UK) Limited will place a heavy emphasis on attracting branded
Licensed casino operators to its portfolio in Europe, Australia and South America.

Internet gaming revenues should grow to $3.0 billion in 2002, from an estimated $658.0 million in 1998. This growth is a function of the growth of the web itself and the convenience of wagering from home. Since 1996 ECash Direct (UK) Limited’s sales have grown from $150 thousand to $32.7 million in 1999. ECash Direct (UK) Limited processed $1.6 billion in online gaming transactions in 1999, marking them by far the largest online gaming Software Company. We believe that ECash Direct (UK) Limited can grow its top and bottom line results in the range of 30-35% over the next several years.