Let's start off by blowing that claim out of the water. The EPIC contest (for electronic publishing) has been around for a dozen years or so. And off the top of my head I don't remember if they are the oldest, but they are certainly one of the oldest ones around. (And yes, while EPIC members have sent them notices that they are NOT the only one around, they have yet to change their website to reflect the correction. To me, that's blatant misrepresentation.)
Secondly, this "contest" claims to be "unaffiliated," yet it's being run by a book promotions and marketing company.
Hmm. Conflict of interest much?
That's not to mention the outrageous entry fee for said contest.
Before you start willy-nilly entering contests, do your research. Find out about said "contest" because like the old poetry and short story "contests" of old, chances are it's just a front for a money-making scheme. I remember in high school entering a poetry "contest" and *gasp* lucky me, I was able to purchase a copy of the anthology my poem was published in even though I didn't win the grand prize! So they made money off me with the entry fee and with buying a copy of the book.
I mean, yeah, I know better now, of course.
This is why it's vitally important for writers to join professional groups. RWA, EPIC, or even non-official groups like the Internet Writing Workshop or Absolute Write forum where you can network with other writers and find out more information before plunking down money you might or might not be able to afford. Surf the Preditors & Editors site. http://pred-ed.com/pubctst.htm Now, I don't go so far as saying don't enter a contest with an entry fee. I'm saying do your research first. Make sure the contest is affiliated with a reputable organization.
And make sure it's more than just a money-making scheme.