ELAY Initiation Briefing Jul 2010

8/9/2019 ELAY Initiation Briefing Jul 2010

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Please see important disclosures, including analyst certification www.joenoelstocks.com

E m e r g i n g G r o w t h R e s e a r c h , L L C

Investment Highlights

eLayaway, Inc. (ELAY)

eLayaway, Inc. is the leading, sole provider of a new,revolutionary electronic layaway payment system that isbased on the Companys patent pending technology.

The eLayaway solution faces a very large marketopportunity, with the potential to capitalize on a very

meaningful part of nearly all electronic and Brick & Mortartransactions.

The Census Bureau estimates eCommerce retail sales wereabout $136 billion in 2007, with the much larger Brick &Mortar retail segment representing a very significant $3.9trillion.

Within these markets, and at this stage in its growthtrajectory, the Company estimates its actual addressableonline eCommerce market size is in excess of $1.2 billion,with an addressable Brick & Mortar segment conservativelyestimated at more than $58 billion.

We believe eLayaway has the potential to tap the same vasteCommerce market place and be as widely recognized andrespected as PayPal for all budget conscious consumers.

Experts predict 30% of Americans will turn to onlinealternative payment options instead of using a credit card by2012.

The current economic environment and credit crisis, coupledwith the ubiquitous presence of the Internet in the world ofcommerce, has created the right time for eLayaway.

There are currently only about 17.7 million common shares ofeLayaway issued and outstanding.

Company Report:

eLayaway, Inc.

ELAY.OB

Rating: BUY

Joseph [email protected] Growth Research,

LLCSan Francisco, California

925-922-2560

Analyst Certification

I, Joseph Noel, herebycertify (1) that the views

expressed in this researchCompany report accurately

reflect my personal viewsabout any or all of the

subject securities or issuesreflected in this Companyreport, and (2) no part of my

compensation was, is, or will be directly or indirectlyrelated to specific

recommendations or viewsexpressed in this Company

report.

ELAYAWAY RESEARCH BRIEFING JULY 2010


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ELAYAWAY RESEARCH BRIEFING

Emerging Growth Research, LLC 2

EXECUTIVE SUMMARY

The Company

eLayaway, Inc. (eLayaway, ELAY or theCompany) is the sole provider of a new,revolutionary, patent pending online paymentsystem that allows consumers to pay for productsand services using an automated and affordableperiodic payment system based on the traditional

concept of layaway, while empowering merchantsto grow their customer base and sales. As theleading provider of electronic/Internet-basedlayaway payment processing technology, theeLayaway payment system was conceived toprovide additional payment options to consumersand merchants alike, thereby increasing sales formerchants and providing consumers with access

to items that may not be immediately affordablebased on budget constraints.

At present, eLayaway has approximately 700merchants in its retailer network and over 90,000individual registered users, figures we expect willincrease significantly over the near term as theCompanys brand and reputation continue to growand penetrate new markets. The Companycurrently sells its system for use as an onlinescheduled payment option, mainly for use bymerchants within the checkout section of theircorporate websites. Importantly, eLayaway isalso getting ready to launch a Brick & Mortarversion of its automated payment system that can be used by merchants in actual physical storelocations, malls, kiosks and even within acustomers home during sales calls in order toinitiate the eLayaway payment system.eLayaway is now in pilot testing within theBrick & Mortar industry and we anticipateentrance into this market this summer will greatlyincrease the Companys growth trajectory.

ELAYAWAY (ELAY)SUMMARY

Headquartered in Tallahassee, FL, eLayaway, Inc. is the

sole provider of a new proprietary online payment systemthat allows consumers to prepay for items using amonthly payment schedule that best fits their needs andbudget. eLayaway is a modern, digital age version of

the former tried and true layaway business concept in

which consumer-directed partial payments are made over

time for goods and services that are then released to the

buyer once all payments are complete.

The eLayaway payment system enables consumers to

actually pull the trigger and say yes to buying, while

giving merchants access to millions of credit-conscious

shoppers who were either previously unreachable or

looking for alternatives to traditional credit cards.

The Companys payment solution addresses the multi-

billion dollar online eCommerce market and, soon,

eLayaway will introduce the Brick & Mortar versionof its eLayaway technology for the much larger in-store

retail market.



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Introduction

eLayaway is a revolutionary re-introduction of atime-tested concept, namely the notion of periodic layaway installment payments for a particular item desired by a customer. The idea

of purchase by layaway is not new. The conceptof layaway, or purchasing an item without payingthe entire cost at once, is a time-proven concept born of the Great Depression of the 1930s. Theway layaway works is rather than paying the fullprice at purchase to receive an item, or taking theitem home and then repaying the debt incurred to purchase the article, as is done in mostinstallment plans, the layaway customer does notreceive the item until it is completely paid forthrough a series of scheduled prepayments.

Today, while the payments industry exists and isused by some merchants in-house to executeonline and in-person Brick & Mortar sales, theidea of an outsourced automated, online layawayservice is new. While quite a few merchants areaware of and know what layaway is, only noware they starting to see the value of this processagain, as eLayaway has automated andsimplified the traditional notion of layaway to fittodays world of ecommerce.

Specifically, eLayaway

s automated paymentsystem has done away with some of the mostinconvenient aspects of the traditional layaway programs of the past, such as requiring thecustomer return to the store periodically in orderto make the required installment payments and,for merchants, having to set aside and store anitem until its been fully paid for, thereby takingup limited and expensive retail storage space. Infact, while the traditional concept of layaway wasonce quite popular among retailers and customers

alike, many of Americas largest retailers havesimply chosen to end their traditional layaway programs due to storage costs and the manualcomplexities involved in managing the system.

Dominance of Electronic Payment Systems in

Todays World of Commerce

In certain regards, we believe eLayaway may beliked to the very popular and widely knownPayPal technology as a comprehensive

solution for centralized payment processing, butwith an important difference. While mostconsumers and merchants alike are familiar withPayPal for processing full payment for goodsand services upfront, eLayaway facilitatespartial payments made over a selected period oftime. Based on the very large market opportunitythe eLayaway solution faces, with the potentialto be part of a very meaningful percentage ofnearly all electronic and Brick & Mortartransactions, we believe eLayaway has the

potential to be as widely recognized andrespected as PayPal.

Regarding the importance of online payment processing in todays world of commerce,dominated in many instances by the Internet, theindustrys leading payment processing companiesaccounted for more than 73% of all transactionsin 2007. Furthermore, the online alternativepayment industry in particular is growing by anaverage of 60% per year. In fact, PayPal, the premier upfront payment source, became a powerful alternative to eBays Billpoint(acquired by eBay in 2002 for $43.5 million)resulting in eBay also buying the superiorPayPal solution for $1.5 billion in 2002. We believe eLayaway

has the potential to tap the

same vast eCommerce marketplace and be equalin brand name recognition and size to PayPalfor all budget conscious consumers.

Economic Trends

The current economic environment, coupled withthe ubiquitous presence of the Internet in theworld of commerce, has created the right timefor eLayaway.

At this time, many credit card issuers aredramatically increasing their credit and lendingstandards as well as upping fees, thereby limiting


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the number of new qualified cardholders,reducing existing credit lines, charging whatmany consider to be predatory interest ratesand/or canceling accounts altogether. With therecent and continued tightening of the creditmarkets and the economic downturn, fewer andfewer cash strapped consumers are finding theyhave access to the credit limits they once hadeven just a few years ago.

Consequently, many retailers and merchants haveseen dwindling sales levels and are in need ofidentifying effective, innovative and proactivesolutions to revive and maintain sales levelswhile helping customers afford the products andservices they desire. In fact, experts predict 30%of Americans will turn to online alternative

payment options instead of using a credit card by2012. eLayaway has entered the retail market tofulfill this demand by providing a unique andefficient non-predatory, non-credit scheduled payment option that modernizes the extended prepayment model of traditional layaway plans.Additionally, because an item is received onlywhen full payment has been made, purchasesmade with the eLayaway payment plan do notplace any additional debt burdens on the buyer.

We believe the eLayaway payment option is

both a viable alternative to paying with plasticcredit cards as well as the right replacement forthe deficiencies being left in the marketplace bythe credit card industrys pull back. As a debt-free payment option, eLayaway also provides ameans for buyers to continue to make important purchases while avoiding incurring anyadditional, unwanted debt.

Market Size

The retail market in the United States is large andretail consumption of all forms is a verysignificant contributor to the nations GDP (grossdomestic product), accounting for up to two-thirds of GDP by some estimates. For 2007, theCensus Bureau of the Department of Commerceestimates total retail sales were over $4.0 trilliondollars. Of this amount, approximately 3.4%

were eCommerce related, or about $136 billion.The vast majority, about 96.6% or a verysignificant $3.9 trillion, were Brick & Mortarsales at actual retail locations and store fronts.

Regarding eLayaways addressable market, the

Company currently estimates its addressableonline eCommerce market to be in theneighborhood of $60 billion and, conservativelyfrom here, estimates that at this stage in itsgrowth process it is facing a current conversionrate that leads the Company to actually be able toaddress an online eCommerce market size inexcess of $1.2 billion. While eLayaway iscurrently penetrating and capturing sales in theeCommerce market, it is the Brick & Mortarretail market in particular that represents the

largest potential for the Company, worthsignificantly more than the online marketplacethat eLayaway has successfully serviced to date.The Companys addressable Brick & Mortarretail market is conservatively determined to beroughly in excess of $58 billion. Importantly, theCompany plans to launch its entrance into theBrick & Mortar market segment during thesummer of 2010.

In total, we estimate the current addressablemarket for the eLayaway solution is as listed

below. It is worth noting that for the Companysthree divisions, eLayawaySPORTS,eLayawayTRAVEL andeLayawayHEALTH, the addressable marketdollar figures listed below are extremelyconservative and only reflect the Companysmodest efforts to date to market to and penetrateeach of these much larger and significant sectors.

Merchant Addressable Market by Segment

Online retail: $1,200,000,000 Brick & Mortar Retail: $58,100,000,000 Sports: $26,000,000 Travel: $141,000,000 Health: $50,000,000

Total: $59,500,000,000


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Importance to Customers

The Companys eLayaway modified paymentschedule makes purchasing the goods andservices customer desire even more attractive to potential buyers and, in many cases, enables

them to actually pull the trigger and say yesto buying, knowing they will not have to come upwith the larger total sum price all at once.

Importance to Merchants

Likewise for merchants, and equally asimportant, by increasing consumer access to thegood and services they desire, merchants havemore opportunities to increase sales and growtheir business. For merchants in todays

economy, this could mean the difference forstruggling companies in their survival, inenabling them to maintain cash flows and/oraffording them the opportunity to keep theiremployment levels - due in large or small part totheir implementation of the eLayaway solution.eLayaways patent-pending payment systemallows merchants and retailers to expand theirconsumer base to include millions of credit-conscious shoppers.

THE COMPANY

eLayaway, Inc. (eLayaway, ELAY or theCompany) is the sole provider of arevolutionary new online payment system thatallows consumers to pay for products andservices using an automated, manageableperiodic payment system based on the traditionalconcept of layaway. eLayaway

is a modern,

digital age version of the former tried and truelayaway business concept in which consumer-directed partial payments are made over time for

goods and services that are thenreleased/rendered to the buyer once all paymentshave been made in full.Specifically, the eLayaway concept is an onlinepayment option that allows consumers to pay foritems they want by selecting a monthly payment

schedule at checkout that best fits their financialsituation, thereby making the purchase moreaffordable and easier to budget. Likewise,merchants offering the eLayaway solution areable to extend their customer reach and increasesales by offering an automated layaway payment plan that appeals to cost and budget consciousconsumers who otherwise might be inclined to postpone or entirely forego the purchase theydesire.

At present, the eLayaway payment option isoffered online by approximately 700 merchants,either through their own corporate websites orvia eLayaways own online store, called theeLayawayMALL. The Company operates itsown online eLayawayMALL which offersmany of the most popular name brand consumer products, payable with eLayaway, through theCompanys affiliate relationships with some ofthe most highly recognized stores in the retailworld. As of June 2010, eLayaway had over90,000 individual members signed up for the

Companys online layaway payment option. TheCompany sells its patent-pending paymentsystem directly to merchants and as a preinstalledcomponent of a larger technology platform that isthen sold as a complete package to merchants andretailers for use on their websites as part of thepayment-and-checkout process.


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In addition to its online offering, the Company isgetting ready to expand into the Brick &Mortar retail segment using its latest proprietarytechnology and system automation, with a rolloutof eLayaway scheduled for this summer. The

Brick & Mortar retail market, comprised ofmerchants located in actual stores and physicalretail settings, represents the largest marketpotential for eLayaway, with annual sales in themultiple trillions of dollars in the United Statesalone.

In addition to its widespread and growing online presence through its merchant network ofretailers, eLayaway operates three divisions,each of which is tailored to their specific targetmarket. The Companys wholly-owned brands

include: eLayawaySPORTS.com, where fans can purchase season tickets and other sports relateditems on layaway; eLayawayTRAVEL.com thatallows users to make payments toward the purchase of cruises and other travel relatedexpenses; and eLayawayHEALTH.com,designed to make medical treatments easier toafford by allowing customers to make regular,automatic installment payments towards the full purchase price or down payment of qualifiedmedical procedures.

Going forward in 2010 and beyond, the Companyanticipates pursuing many new opportunities andmarkets where eLayaway can add value,including international markets.

eLayaway, Inc. is headquartered in Tallahassee,Florida.

INDUSTRY TRENDS

Consumer Economics

For the first time since the Great Depression ofthe 1930s, the national personal savings rate inthe United States has reached negative levels.This fact, coupled with overwhelming consumerdebt and the reality that Americans are living 10to 20 years longer than prior generations, pre-tells the notion that the next several decades will

likely prove financially difficult for manyfamilies and households.

U.S. Consumer Debt Over the Past Decade

Dollars in Billions

Many believe banks and credit card companiesare partly to blame for Americas currenteconomic predicament, given their aggressivemarketing tactics and minimum paymentstrategies have made it relatively easy forconsumers to overspend and, later, to have to

overpay via excessive interest rates and fees formoney borrowed. While recent pressure fromfederal regulators has required many credit cardcompanies to double their minimum paymentrequirements from 2% to 4% of the balance, inorder to help incentivize consumers to lower theoverall amount of their debt levels, manycustomers are now living on a very tight budgetand are finding it difficult to adjust. Thus, withthe days of cheap and easy money likely goneforever, as exemplified by 1.0% and 2.0%

mortgages, many American consumers areexperiencing the true cost of credit and arereining in their spending habits accordingly.

Credit Conditions Are Tight

The true cost of credit today is significantlyhigher for many consumers than it was even just


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a few years ago. This fact is perhaps bestexemplified by the new reality that all bankshave drastically tightened their creditqualifications for individual customers and businesses alike, as a result of the historically

high rate of defaults and delinquencies that havecome about in the current debt crisis, and assolidified by the recent sub-prime market crash.Credit companies have decreased credit limits,cancelled accounts altogether and/or substantiallyincreased credit card rates and fees (up to 29.99%on some credit cards!). This effect has left fewerand fewer consumers with access to adequatecredit.

The fall of the real estate market has also had theeffect of slowing spending from home equity

accounts, as a significant percentage ofmortgages are now close to, or even exceed, thecurrent market value of the mortgaged property.This situation has served to take money out of theconsumers pockets and transform a once ratherfree-spending population into a much morefinancially conservative, budget-restrictive baseof consumers.

Each of these forces continues to make it difficultfor many consumers to manage both the smalland large purchases that in prior years would

have easily been bought on credit, throughextended equity lines and/or by incurringadditional debt. The result of this increase in thecost of money and the simultaneous decrease inthe supply of readily available funds has curtailedspending, or impacted the decision by theconsumer to simply postpone or forego thepurchase altogether.

The Market Case for eLayaway

Tensions in the current economic climate, thedrastically tightened credit environment anddwindling/disappearing home equity lines haveall served to create a financial storm for theconsumer that is greatly limiting access toavailable credit and causing a major decline inconsumer buying power. As a result, manyhouseholds are reevaluating their spending habits

to reflect tighter budgets. Part of this process formany would-be consumers includes the newreality of postponing or altogether forgoing the purchase of certain goods and services that, ifonly made more affordable, could otherwise

potentially be acquired.To this end, new, effective payment options arenecessary to improve the financial health of thetypical consumer and enable them to continue tomake the purchases they desire. Speaking to theother side of this coin, as consumers reevaluateand rein-in their spending habits, merchants areexperiencing a decrease in sales and seeing theirrevenue streams decline. Under thesecircumstances, smart merchants will seekconsumer-friendly payment alternatives to keep

sales flowing.

This situation has caused millions of consumersand merchants alike to seek out alternatives likeeLayaway. In fact, experts predict 30% ofAmericans will turn to online alternative paymentoptions instead of using a credit card by 2012.eLayaway has entered the retail market to fulfillthis demand by providing a unique and efficientnon-predatory, non-credit, debt-free scheduled payment option that modernizes the extendedprepayment model of traditional layaway plans.

MARKET SIZE

Online Retail Market

There are approximately 1,000,000 e-retailmerchants in the United States alone which aremade up of small, medium and enterprise level businesses that operate either individually or innetworks based on their technology platform.

Specifically, there are currently about 300 onlineretailers, each of whom generate more than$20,000,000 in total annual sales volume. Thismerchant segment represents 50% of all onlinetransactions. At this time, many of theseenterprise level merchants are experiencing anincrease in the denial rates of their own brandedcredit programs, given the ongoing consumercredit crisis.


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Additionally, there are over 900,000 smallbusiness merchants, each of whom generate lessthan $20,000,000 in total annual sales volumethat operate in the eCommerce marketplace.Importantly, the market for small businessmerchants is growing by an average of 30% peryear. These merchants have traditionallystruggled to offer additional credit-based payment options that extend beyond traditionalcredit card services. We firmly believeimplementation of the eLayaway solution canhelp each of these retailers turn such denials intoactive sales, something they have never been ableto do before, given the customer is actually readyto buy a selected item and is just looking tosomehow complete the purchase process.

The Company estimates its current addressablemarket in the online eCommerce retail segment isover $1.2 billion.

Brick & Mortar Retailing

Brick & Mortar retailers consist of merchantsthat have an actual physical store location. In2007, annual Brick & Mortar retail sales in theUnited States alone represented a very significantnearly $4.0 trillion dollars, comprised of millions

of merchants. This merchant segment wouldlikely benefit significantly from realizing thegreat value the eLayaway online technology provides as a method to assist in making theirBrick & Mortar businesses grow and capturemore sales.

As the popularity of layaway has grown in thepast year, many retailers such as Sears, Kmart,Burlington Coat Factory and TJ Maxx haveexperienced significant increases in layawaysales. In fact, the Burlington Coat Factory

stated that 5.0% of their 2008 sales wereattributable to layaway. With the July 2009 FTCConsumer Alert discussing the concept oflayaway, the option of layaway has beenacknowledged as a viable alternative to othertraditional payment methods, including creditcards and the incurrence of debt.

As eLayaways largest potential market, worthsignificantly more than the online marketplacethat eLayaway has successfully serviced to date,the Companys addressable Brick & Mortar retailmarket is conservatively estimated to be inexcess of $58 billion.

THE eLAYAWAY

PAYMENT OFFERING

The eLayaway concept is an automated onlinepayment system that allows consumers to pay forproducts and services using manageable periodic payments that make purchasing an itemaffordable and more easy to budget than havingto pay the complete purchase price at once. Formerchants, in an economy where affordability

rules and accessibility to funds are scarce,eLayaway provides retailers with access toconsumers who were either previouslyunreachable or looking for alternatives totraditional credit card purchasing in order to beable to buy.

eLayaway is building an extensive merchantand individual user network that is very much inthe growth stage at present and expanding everymonth. The Companys payment solution iscurrently offered by approximately 700 qualified

merchants representing millions of products, withover 90,000 registered member customers.

Importantly, over 45% of customers who make afirst purchase with eLayaway

make a second

purchase using eLayaway shortly thereafter.Going forward, we anticipate both the number ofmerchants and individual users will increasemeaningfully throughout the remainder of thisyear and into 2011 as eLayaway continues togain recognition and enters the Brick & Mortarretail industry.


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Where eLayaway is Offered

Online Websites

Currently, the eLayaway payment plan isoffered by qualified merchants on their corporatewebsites in addition to the Companys ownonline mall, called the eLayawayMALL.

The eLayawayMALL

The eLayawayMALL is the Companys ownedand operated online store and marketplace that

offers many of the most popular name brandconsumer products, payable with eLayaway,through the Companys affiliate relationshipswith some of the most highly recognized storeson the Internet. Product orders sold in theeLayawayMALL are fulfilled by existingmerchants and affiliates. Within theeLayawayMALL, all items for sale come withthe eLayaway payment option at checkout.

The eLayawayMALL has also been a powerful

marketing tool for the Company for merchantswishing to test the effectiveness of the concept ofelectronic layaway. Specifically, prior to signingup for eLayaway and actually purchasing theCompanys automated payment system for theirown use, merchants can offer a select group oftheir products for sale on the Companys mallwebsite in order to see how well they sell. TheCompany is able to track sales from the

eLayawayMALL on behalf of a merchant andreport back to them on volume and dollar saleamounts. In this regard, eLayaway has beenable to offer use of its eLayawayMALLwebsite as an easy-to-use pilot program of sorts

that has already convinced several Big Boxretailers to incorporate eLayaway into their owncorporate websites.

Regarding merchants who currently offereLayaway on their own corporate websites,customers are able to locate these retailers byvisiting the Companys website to view a storedirectory that lists all the merchants whocurrently offer the eLayaway payment plan inthe checkout section of their respective corporate

websites.

Brick & Mortar Retail Locations

The Brick & Mortar retail segment represents thelargest potential market for eLayaway withannual sales in the multiple trillions of dollars inthe United States alone. In fact, annual Brick &Mortar retail sales in 2007 for the United Statesrepresented a very significant nearly $4.0 trillion

dollars, with millions of retailers and merchantsoperating in this sector. The Brick & Mortarretail market is comprised of merchants locatedin actual stores, malls and physical retail settings.

eLayaway has developed an automated layawaypayment solution for the Brick & Mortar market,

aptly named eLayawayANYWHERE, that iscurrently in beta testing mode with several Brick


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& Mortar merchants in their actual storefrontlocations. It is worth noting that beta testing isgoing well and proceeding quickly to the next phase of an actual controlled launch among aselect group of merchants, followed quickly

thereafter with rollout to an even larger group ofretailers. By adding Brick & Mortar capabilitiesto its existing online technology, the Companyestimates it could easily expand its market by tenfold.

This system allows Brick & Mortar merchants touse eLayaway as a management tool to sign-upa particular in-store customer and initiate theeLayaway payment plan for a buyer looking tomake a purchase. Specifically, sales associateswill be able to set up an eLayaway

payment

plan using a virtual terminal within their store,and the appropriate information given to them bythe customer, in order to fill out and complete aform on their computer screen. If a customerdoes not have all the necessary information athand while in the store, such as their bankaccount number, the system will forward anemail onto them at home after they leave themerchants location. They can then complete theregistration process at home and begin paymentsusing eLayaway for the item they found while

at the store and submit the information online.Then, just like its online version, theeLayawayANYWHERE system for Brick &Mortar merchants will automatically draftpayments from a customers bank account. Onceall payments are complete, eLayaway

will

submit the payment in full to the merchant andthe consumer will then be able to return to thestore and pick up the item.

With eLayawayANYWHERE, merchants ofall types will be able to create and manage theeLayaway process anywhere, including physicalretail locations, kiosks or at the actual home ofthe consumer during a sales call. Furthermore,eLayawayANYWHERE makes theCompanys automated layaway process availableto all merchants, regardless of whether or notthey have an Internet sales presence on theircorporate website.

Regarding competition, we are not aware at present of any existing layaway managementsystems offered today. Rather, any such layawaysystems in use today by Brick & Mortar retailersappear to be strictly proprietary or specific to an

individual firm, and are typically of a lowtechnology format.

eLayaway

Customers

eLayaways primary market consists ofindividual consumers contemplating purchasesthat are just beyond their financial means. Normally, such a consumer may opt to use acredit card for such a purchase, thereby incurringadditional debt. However, as more and more

consumers find themselves facing growing debtand higher interest rates, the eLayaway paymentoption will prove to be an attractive, affordablealternative. Consumers will also find eLayawayto be a convenient method to purchase seasonalitems such as holiday gifts, jewelry, travel, lawnequipment and other large ticket items such asappliances and televisions.

The Companys core group of targetedeLayaway users includes several consumergroups discussed below.

Current Layaway Users

Consumers already familiar with the traditionalconcept of layaway are clearly a target audiencefor the eLayaway solution, as many havealready signed up to use the Companys paymentoffering. The National Retail Federationestimates that layaway purchases made up 2.0%of all 2008 retail sales nationally. (This was prior

to the radical change in the U.S. economy). This places the value of the layaway market at morethan $200 million annually. Furthermore, Wal-mart Stores, Inc. reported in 2007 that layawaymade up 6.0% of their retail sales (approximately$18 million). These figures indicate that whilethe existing layaway market is in a relative stateof disarray, after certain major retailers cancelledtheir layaway programs due to cost and


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complexities with running the program in-house,the concept of layaway purchasing is asignificant market and a viable alternative payment option with the potential for continuedlong-term growth, especially in light of the

current state of the economy.We believe the Companys unique onlinelayaway process could position eLayaway tosecure a significant portion of this re-emergingmarket, just as PayPal has done in itsapplicable segment of the online paymentssegment. Unlike PayPal, however, which onlyplays in the online payments sector, eLayawayis also developing an outsourced automatedlayaway solution for the much larger Brick &Mortar retail industry, for merchants with actual

store front locations.

Credit Challenged Segment

The credit challenged market, consisting of over100 million consumers domestically in theUnited States alone, is the Companys largesttarget market. Almost 50% of all Americansover the age of 18 years are credit challenged,defined as individuals having no available credit-to having a negative credit rating. We believe

consumers with such credit issues will findeLayaway

to be a more affordable and

responsible way to pay for goods and services,while affording them the opportunity to rebuildtheir credit standing via the CompanyseLayawayADVANTAGE membershipprogram. This consumer group is generally veryfamiliar with the concept of layaway and is proving to be ready adapters of the eLayaway

solution.

Debt-Free Lifestyle Segment

As more consumers learn or continue toexperience the pitfalls of excessive debt, pioneersand public speakers such as Dave Ramsey andthe well known Suze Orman are increasing theirfollowing of interested listeners as a result of

advocating and educating consumers on the benefits of a debt-free lifestyle. Thesecommentators have an audience that ranges in themillions of people as they are televised onnational networks. eLayaway

s methodology of

purchasing without debt makes this consumersegment a perfect target group for the Companysprepayment solution.

How eLayaway

Works for Customers

The eLayaway automatic payment option isdesigned to be fast and easy to use as part of thecheckout process for an online purchase.

The eLayaway Process for customers isdepictedbelow:

To become eligible to use eLayaway, customersmust first register with eLayaway, Inc. either byvisiting the Companys website directly, or byregistering during the check-out process on a participating merchants website, in which caseregistration simply becomes part of the payment process. At registration, customers submitpersonal identification information and select theactive bank account they wish to use forautomatic payment deductions.

One a customer has finished selecting the onlinepurchases they wish to make, they are directed to proceed to checkout. It is during the onlinecheckout process that customers are presented

with the opportunity to choose either to pay infull or choose payment by a layaway plan. Byselecting eLayaway Now at checkout, anintuitive online calculator is activated that allowscustomers to determine the dollar amount of theirmonthly payments by breaking down theirorders purchase price into three to 13 monthly orbiweekly payments that fit their budget.


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Like traditional layaway programs, witheLayaway, customers are choosing to makepayments over time for items they have identifiedwith the merchant. Payments are automaticallydeducted by eLayaway from the consumers bank account via Automated Clearing House(ACH) on a schedule that is set by theconsumer at the time of purchase. During thecollection process, as payments are being made,the growing balance is securely held in anaccount in trust for the customer with HSBC,eLayaway, Inc.s banking partner. TheCompanys relationship with HSBC also enablesmerchants to gain individual access into a banksponsored website where they can easily monitorthe accruing of customer funds from a transactionwith eLayaway.

Like traditional layaway programs of the past,delivery of the product or service happens oncepayments are complete. Thus, once an order has been paid in full, the funds are released to themerchant, who in turn releases the item and shipsit directly to the customer and/or enables thecustomer to access the service for which theyhave paid. Customers are able to cancel any purchase at any time for a full refund, with theexception of a $25 cancellation fee and the initial

1.9% transaction fee.

Membership Cost

The Company offers customers two types ofmembership: Standard and Advantage.

Standard membership is free and enables use ofthe automated layaway payment process atauthorized merchants for a transaction fee of1.9% of the total purchase price.

Advantage membership costs $8.95 per month touse the system, with no transaction fees chargedon the first $1,000 of purchases and nocancellation fees should the consumer decide tocancel their purchase altogether. Additionally,qualified purchases byeLayawayADVANTAGE members are alsoreported to PRBC where their payment history

is recorded and reported to FICO, helping toimprove their FICO Expansion Score. (Creditagencies use FICO software to generate FICOscores which are used to compile credit reportson customers that are then sold to all kinds ofpotential lenders.)

Importantly, a customers FICO ExpansionScore can actually improve by successfullycompleting a qualified eLayaway paymentschedule. This gives consumers an additionalreason to use the eLayaway payment system, asthe opportunity to potentially improve theiralternative credit score while making purchases isactually a very helpful and relevant feature tomillions of individuals looking to build orrecover their credit profile in this relatively

adverse economic environment.

Benefits to Customers

The goal of eLayaway is to make the productsand services consumers want to buy available,more affordable and easier to pay for through aseries of structured prepayments that are madeover an extended period of time.

The benefits of using eLayaway to customers

are outlined below:eLayaways modified payment schedule

makes purchasing items even more attractiveto potential buyers and, in many cases,enables them to actually pull the triggerand say yes to buying, knowing they willnot have to come up with the larger total sumprice all at once.

Flexible payment schedules are set by thecustomer to best fit their budget.

Unlike traditional credit purchases, customersdo not pay interest charges or credit card feeson any eLayaway transaction. In fact,eLayaway purchases are made at a muchlower fee of 1.9% as opposed to the oftenmuch higher annual percentage rates (APR)charged by credit card companies onoutstanding balances.


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Customers incur no additional debt or burdento their credit position as a result ofeLayaway purchases, given all products andservices are paid for in full prior to receipt.

By using eLayaway to make payments,consumers can conserve their existing creditlines for other needs.

eLayaway does not require any personalcredit checks, minimum credit scores or othersuch financial requirements.

Qualified purchases byeLayawayADVANTAGE members arereported to PRBC and can help improvetheir FICO Expansion Score, putting themon the road to a better credit rating and the

extended benefits this can bring to onesfinancial profile.

eLayaway

Merchants

The Company markets its layaway payment processing and management services to onlinemerchants and, in the very near future, to theBrick & Mortar retail industry as well. To date,the Company has developed a merchant networkof over 700 online merchants, a figure that isexpected to grow very meaningfully goingforward in 2010 and beyond.

The Company sells its offering both directly tothe smaller and midsized merchant markets aswell as part of a larger technology packageoffering that is typically sold to larger enterpriselevel merchants. Specifically, for largermerchants, eLayaway has teamed-up withseveral eCommerce partners to integrate and preinstall the eLayaway technology in a

complete payment-and-checkout package that isthen sold as a technology platform to merchantsand retailers. As part of this package, merchantsinterested in the eLayaway component can opt-in to using the Companys technology offering.

eLayaway enables merchants to generateadditional revenue from selling products andservices to shoppers who otherwise could not

afford to buy them or who might hesitate to makea purchase based on cost considerations.

Large, Well Known Merchants

The Company has strategically focused many ofits marketing and partnership efforts onmerchants that are known as the premier playersin their respective industries such as Big-Boxretail stores, well known cruise lines and allmajor professional sports leagues. To date, theCompany has made significant progress in theseareas by contracting with several NationalFootball League teams who now use theeLayaway payment service. The Company hasalso established pilot programs with other

professional sports leagues and internationaltravel companies.

Small- and Mid-Sized Merchants

Although small- to medium-sized merchants areresponsible for approximately 50% of the dollarstransacted online, they comprise 99% of the totalonline merchant base. These merchants are muchquicker to establish new business strategies, suchas implementation of the eLayaway payment

process, than their larger more bureaucratic retailcounterparts. With these smaller businesses in particular attempting to stay solvent throughoutthis economic downturn, there remains a highdemand in this market for alternative paymentoptions. eLayaway provides retailers with justsuch an effective alternative and, perhaps even anadvantage as well, to help them mitigate revenueloss and cart-abandonment while simultaneouslygrowing revenues.

How eLayaway

Works for Merchants &

Retailers

Before joining the eLayaway network, allmerchants are thoroughly screened in order toassure they meet the Companys strict qualitystandards. Qualified merchants then sign up witheLayaway, Inc. to offer layaway payment options


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to their customers.

The eLayaway Process for Retailers &Merchants:

Merchants are able to integrate the eLayaway payment option into their online checkout process by visiting the Companys website andsigning-up to open an account by entering their business information. After signing-up witheLayaway

, merchants are able to directly

integrate the eLayaway payment technologyinto the online checkout section of their website.At this point, customers shopping online willthen be able to choose the option of paying for anitem using the eLayaway structured payment plan. Once a customer has chosen theeLayaway payment option and completed allaccompanying information, this data is sent to the

Company for processing. Merchants use theeLayaway Merchant Control Center to managetheir past and present orders, generate reports andview analytics.

During the time payments are actually beingmade, eLayaway

manages the payment

collection process and any supporting serviceswith a customer on behalf of its merchantclientele. Thus, eLayaway automaticallydeducts payments from a customers bank

account and holds the funds in an account in trustwhile they accrue to the total purchase priceamount.

Once a customer has completed the finalpayment and the order has been paid in full, thefunds are released from the account in trust to themerchant, who then in turn fulfills the order andships the item directly to the customer and/or

enables the customer to access the service forwhich they have paid. Since order fulfillmentcan occur directly from a merchants warehouseor even from their distributor, items purchasedthrough eLayaway do not need to be kept andstored, thereby saving the retailer a considerableexpense as opposed to the traditional layawayprograms of the past where items were held at thestore by seller until final pick-up by the buyer.

Membership Cost

Unlike most credit cards and other payment processors, eLayaway does not chargemerchants a transaction fee. Rather, all

merchants are charged a monthly flat-rate servicefee of $9.99 (about $120 per year) that includeslisting in the eLayaway Merchant Network,listing in eLayaways exclusive search engineand free eLayaway order processing for the first$2,000 in sales. After the first $2,000 per monthin sales using eLayaway, merchants are thencharged an additional flat-rate monthly processing fee that increases only modestlyaccording to the actual amount of eLayawaysales made.

Benefits to Merchants

Affordability has become increasingly importantto consumers over just the past few years. Withthe ongoing tightening of the credit markets andthe economic downturn, fewer and fewerconsumers are finding they have access to thecredit limits they once had and, as such, retailersmust use innovative and proactive solutions tohelp customers afford the products and services

they desire. In fact, the Company has noted thatmerchants report seeing a decrease in shoppingcart abandonment and an increase in sales afteradding eLayaway to their payment options.

The benefits to merchants and retailers ofoffering the eLayaway payment option to theircustomers are listed below:

eLayaway allows merchants to offer their


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cost conscious customers a unique alternative payment plan that sets them apart from thecompetition.

By using and promoting eLayaway toconsumers, merchants can expand their own

market reach, and therefore revenues and profits, to include millions of credit-conscious shoppers who were either previously unreachable or looking foralternatives to traditional credit cardpurchasing.

eLayaway enables merchants to reacquirelayaway minded consumers who weredissatisfied when prior traditional layawaymethods were discontinued due to variouscost and logistics inefficiencies.

Merchants are able to collect 100% of theasking-price for their goods and services.

Merchants benefit from increased traffic totheir websites generated from the growingmembership base of eLayaway

and visits to

the Companys online mall.

BUSINESS DIVISIONS

While the Company focuses widely on tappingall merchant and retail sales in general, it has alsoestablished three specific business divisions toaddress the opportunities in the sports, travel andhealth related industries in particular.

eLayawaySPORTS

eLayawaySPORTS was developed as a

division of eLayaway, Inc. to allow sportsorganizations to sell tickets, renew season tickets

and sell merchandise, seat licenses, sponsorshipsand other products and services usingeLayaway. Sports organizations are able tooffer eLayaway partial pre-payment plans toprovide fans with an easier and more responsible

way to purchase tickets.Some of the sports teams that have deployedeLayaway to date include the New OrleansSaints (Saints) of the National Football League(NFL) who were able to sell over $300,000 inseason tickets in less than 6 weeks; theMinnesota Vikings (NFL); the JacksonvilleJaguars (NFL); and the Detroit Redwings(National Hockey League).

The Company has received an extraordinaryamount of interest from the sports world in its program and is working with other professionalsports teams, sports leagues, speedways andcollege athletic programs to deploy theeLayaway

solution.

The Market for Sports

Regarding the market for eLayawaySPORTS,the professional sports teams and organizationsindustry is estimated to generate over $6.4 billion

in annual revenue from admission fees alone.The entire sports industrys admissions revenuesare easily thought to be even higher, as this figuredoes not include non-team sports such as golf,tennis, auto racing or any collegiate sports. TheCompany estimates eLayaways addressablemarket in the sports industry to be approximately$26 million.

Furthermore, it is estimated that sports relatedsales make up only about 30% of all ticket sales.The Company believes other ticket sales

including events, conferences, theater and musicconcerts, among others, represent exciting newmarkets with much potential for the eLayawaysolution going forward.


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eLayawayTRAVEL

The travel industry offers a natural fit for theeLayaway prepayment option as vacationstypically require a good deal of planning, well inadvance of the actual travel date, and can be acostly proposition if the entire expense has to bepaid up-front all at once.

Within the cruise industry, for example, theaverage price per person for a seven day cruise is

approximately $1,100, and typically peopleinterested in taking a cruise plan their vacationmonths, if not more than a year, in advance. TheCompany is currently working to integrateCarnival Cruise Lines (CCL) intoeLayawayTRAVEL in order to make it possible for members to book CCL cruises and purchase gift certificates using the eLayawaypayment plan.

The Market for Travel

Regarding the market for eLayawayTRAVEL,Marketwatch.com stated that the 2007 onlinetravel industry was a $40 billion market. We believe for eLayaway, securing just a small piece of this industry could lead to profitablereturns.

The Company estimates eLayawaysaddressable market in the travel industry to beapproximately $141 million at present.

eLayawayHEALTH

Healthcare is perhaps the most diversifiedindustry of the eLayaway market segments.With hundreds of thousands of doctorsthroughout the United States, there is a

considerable amount of opportunity foreLayawayHEALTH in the health care industry.

As the economy continues to struggle, the cost ofinsurance and deductibles are consistently risingand, as a result, many Americans are looking fornew ways to pay for healthcare without having togo into additional debt.

eLayawayHEALTH was established to makemedical treatments easier to afford by allowingcustomers to make regular automatic installmentsthat fit their budget towards the full purchase price or down payment of qualified medicalprocedures. Once paid in full, customers are ableto receive treatment without the need to incur anydebt.

To use eLayawayHEALTH, consumers mustfirst consult with a participating provider aboutspecific eLayawayHEALTH payment termsavailable for their particular procedure, and signup to be an eLayawayHEALTH member withtheir provider or at eLayawayHEALTH.com. To

begin making eLayaway

payments toward their procedure, users then procure and accept anactual price quote from the participating providerand choose the payment schedule to match their budget requirements. The medical proceduremay begin once payments have been made infull.

The Market for Healthcare

Regarding the market for eLayawayHEALTH,

in January 2008, over six million Americanscreated Health Care Savings Accounts and HighDeductible Health Care Plans, which let peoplesave pretax money in accounts and spend thecash on health care products and services, inorder to cope with the current economy. Today,this figure is believed to be much higher. We believe these circumstances and the current


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economic environment present an ideal time forthe launch of eLayawayHEALTH into thehealthcare industry.

The Company estimates very conservatively thatthe current addressable market for

eLayawayHEALTH is well over $50 millionand set to grow significantly going forward.

BUSINESS MODEL

STRATEGIC GROWTH & PARTNERSHIPS

eLayaways approach to becoming a billiondollar integrated payment brand is focused in parton forming strategic partnerships with leadingeCommerce and payment brand enabling platforms. These eCommerce companies provide, for example, the online software thatenables customer shopping carts at checkout andother online checkout options that allowmerchants to run the sales process on theirwebsites. By contracting with these eCommercepayment docking station partners, eLayawayis actively integrating with many Internetretailers and is also currently being courted bymajor eCommerce and Brick & Mortar platformsto provide payment processing services to theirmultitude of small-and medium-sized merchants.

Once integrated into an eCommerce platform, theeLayaway option is presented to the merchantas part of a larger technology package andservice offering, and the merchant can simplychoose to opt-in to using eLayaway. Thus,

integration into one such eCommerce platformgives eLayaway access to a very large merchant base, often in the many thousands of retailerswith online sales capabilities and websites. Thisvenue has provided the Company with steady

growth and eLayaway continues to attractattention from many of the worlds top e-retailersand traditional Big Box retailers seekingalternative payment solutions that increaseshopping cart conversion into actual revenue.

eLayaway is currently pre-installed with theseeCommerce partners:

The Company also has a direct marketing program targeted to its potential merchantcustomers.

REVENUE STREAMS

eLayaway has multiple revenue streams fromdiverse sources of income, as discussed below.

Merchant Subscription Fees

The Companys primary source of revenue isgenerated by the subscription and transaction feesmerchants pay to integrate and use theeLayaway system.

All merchants are charged a monthly service feeof $9.99 to offer eLayaway to their consumers.This monthly subscription fee applies to the first$2,000 per month in eLayaway orders and

entitles merchants to incorporate the eLayaway payment option in their own checkout websitesas well as inclusion in the eLayawayMALL.After the first $2,000 per month in eLayaway

orders, merchants are then charged an additionalmonthly processing fee that increases from $20to a maximum amount of $150, according tomonthly eLayaway sales. Thus, the most a


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merchant would pay per month is $159.99 which,is most cases, is still much lower than would bepaid to credit card companies in transaction feesin order to be able to accept an issuers card. Inexchange for these fees, eLayaway merchantsreceived access to the eLayaway paymentoption, limited marketing support, as well asinclusion in the eLayaway merchant directoryand search engine.

Merchant subscription fees represent a recurringmonthly revenue stream to the Company. AseLayaways merchant network grows, thisimportant revenue stream will continue toincrease in size and momentum.

Consumer Purchase Transaction FeeseLayaways secondary source of revenue isderived from a percentage charge on eachconsumer transaction that is purchased usingeLayaway. While basic membership is free,upon making a purchase, members are charged amodest, one-time upfront 1.9% transaction fee onthe total purchase amount before tax. Thus, forevery $100 transacted through eLayaway, theCompany receives $1.90 from the end customer.

The Company charges this one-time fee for eachpurchase processed through the eLayaway planin return for managing the online layaway payment system. These non-refundable fees areadded to the consumers checkout balance andare charged on the first scheduled payment. Forthis reason, these fees are fully recognized by theCompany as revenue upon execution of thetransaction.

Cancellation Fees

Although eLayaway prefers that customersfollow through with their commitment to themerchants, some sort of cost incentive such as acancellation fee helps ensure that customers areadequately incentivized to complete their purchase. For this reason, eLayaway

also

charges a $25 cancellation fee or 10% of the

purchase order, whichever is less, for customerswho elect to cancel their order at anytime duringthe payment plan. In most cases, the $25 fee isgreater than the amount of money eLayawaywould have collected had the consumercompleted the transaction, granting eLayaway,Inc. an additional revenue stream.

eLayawayADVANTAGE Membership Fee

The eLayawayADVANTAGE membership isan upgraded version of the Companys basicmembership and offers consumers the option ofreporting their use of eLayaway to PaymentRecording Builds Credit (PRBC) in order tobuild their alternative credit score. PRBC is an

independent third party that collects, managesand reports consumer credit performance to theFair Isaac Corporation (FICO) for use in theirFICO Expansion Score. This offering makeseLayaway a powerful tool for consumersinterested in improving their credit worthiness.

Consumers pay $8.95 per month to become anAdvantage member, which also includes other benefits such as free transactions and periodicdiscounts on products from participatingeLayaway

merchants.

The Float - Interest Earned

While consumers make their payments, the fundscollected during the layaway process are held inan account in trust at HSBC in an eLayawaysponsored bank account while they accrue to thetotal purchase price amount. Interest earned onthe held funds becomes revenue and operatingcapital funding for eLayaway. The Companyestimates such funds held in the account in trust

could potentially easily reach several hundredmillion dollars by the end of next year.

eLayawayMALL Commissions

The eLayawayMALL is the Companys online

marketplace which contains a variety of quality


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products from numerous well-known merchants.eLayaway earns commissions on every productsold through the mall, payable to the Companyby its member merchants.

Advertising Revenue

The Company also has the potential to implementan advertising program on theeLayawayMALL website. This revenuestream would be in addition to other revenuecategories the Company already receives.

Given the Company is in a position to knowwhere each customer is in the process of buying a particular item through eLayaway, theCompanys advertising model would have theunique ability to present the buyer with ads for

products or services that complement that futurepurchase, thereby potentially increasing sales and providing a very targeted, very powerfulmarketing tool.

Scheduled for 2011, merchants interested inadvertising throughout eLayaway.com will beable to purchase advertising space on the websiteitself and/or throughout eLayaways monthlyconsumer newsletter and quarterly merchantreleases.

CAPITALIZATION

The Company is on track to close growth capitalthis year for product development, workingcapital and general corporate purposes.Specifically, the Company anticipates using anynew funds for marketing efforts directed atgrowing its base of both merchants and the public

of individual users.

Total Shares Outstanding

At present, there are approximately 17.7 million

common shares of eLayaway issued andoutstanding.


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Emerging Growth Research LLC 20

Analyst and Other Important Disclosures

Analyst Certification - I, Joseph Noel, hereby certify

(1) that the views expressed in this research Company report accurately reflect my personal views about any or all

of the subject securities or issuers referred to in this Company report and

(2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or

views expressed in this Company report.

Analyst:

Joseph Noel is a 29-year veteran in the investment and technology industries. Joe was recently a senior analyst at

Pacific Growth Equities, LLC, where he tracked the communications equipment/services and advanced industrial

sectors. Prior to Pacific Growth, he covered both the telecommunications equipment and services industries at

Hambrecht & Quist and was employed by Gartner/Dataquest as a communications industry analyst. Before

becoming an analyst, Mr. Noel received solid industry experience at a number of telecommunications carriers,

including MCI, where he was responsible for the frame relay product marketing launch; and British Telecom,

where he was involved in strategic planning for the Companys Internet access service. He was also employed by

various Bell Operating Companies in both marketing and technical roles for nearly ten years. Mr. Noel received

his MBA in finance from Wake Forest University, and holds a BS in business and economics. A four-time WallStreet Journal All-Star Analyst, Joe specializes in emerging growth companies in the communications, Internet

and advanced industrial equipment sectors.

The coverage analyst uses a relative rating system in which stocks are rated as: BUY, SELL or HOLD.

BUY - the stock is expected to outperform the unweighted expected total return of the sector over a 12-month investment horizon.

SELL - the stock is expected to under perform the unweighted expected total return of the sector over a-12 month time horizon

HOLD - the stock is expected to perform in line with the unweighted expected total return of the sector over a 12-month investment

horizon.

Information, opinions, or recommendations contained in this research report are submitted solely for

informational purposes. The information used in statements of fact made has been obtained from sources

considered reliable, but we neither guarantee nor represent their completeness or accuracy. Such information andthe opinions expressed are subject to change without notice. This research report is not intended as an offering or

a solicitation of any offer to buy or sell the securities mentioned or discussed. The firm, its principles, or the

assigned analyst may or may not own or trade shares, options, or warrants of this covered Company. Emerging

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promotional piece and the author may or may not liquidate shares. The views expressed in this Company researchreport accurately reflect the analysts personal views about any or all of the subject securities or issuers referred to

in this Company report, and no part of the analysts or the firms compensation was, or will be directly orindirectly related to the specific recommendation or views expressed in this report. Opinions expressed hereinreflect the opinion of Emerging Growth Research, LLC and are subject to change without notice. We claim no

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ELAY Initiation Briefing Jul 2010

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Transcript of ELAY Initiation Briefing Jul 2010