A proxy server acts like a go between to protect or hide your network from the great unknown. 127.0.0.1 is an internal network address. It looks like someone may have set up impserve or some other proxy server to move content onto your 1150. You don't need to use a proxy if you are connecting directly to the sanctioned eBookwise or ebooksystem servers.
Go ahead and uncheck all use proxy check boxes and try to connect. I think it will work as long as your 1150 has been registered. If you bought the 1150 second hand, you might want to follow the steps outlined here,
https://my.ebooksystem.net/personal/uid-help.asp under the “Retrieving your user ID and password using your eBook” to see if it’s been registered with the system. You might also want to email support and ask if you can do a refurbish and then register it.
Michael