Really enjoyed the audio by Pek. This just in...
First Ecom.com Inc. Announces First Quarter Financial Results; Strong interest
shown by banks and businesses in First Ecom.com E-payment solutions
Business Wire - May 15, 2000 12:21
HONG KONG--(BUSINESS WIRE)--May 15, 2000--First Ecom.com, Inc. (OTC BB: FECC, BSX: FECC BH), a global provider of
electronic payment processing services, today announced financial results for the quarter ended March 31, 2000, the first quarter of its fiscal
year 2000.
First Ecom, which is still in development stage, posted revenues for the first quarter of fiscal year 2000 of US$ 4,802. Operating loss for the
first quarter of 2000 after amortization, depreciation and non-cash compensation associated with stock options was $ 2,632,051, as compared to
the first quarter 1999 operating loss of $ 546,280.
Net loss for the first quarter of 2000 which includes the interest income on the proceeds of the recent private placement was US$ 2,452,712, as
compared to the net loss for the first quarter of 1999 of US$ 540,535. Net loss per share for the quarter ended March 31, 2000 was US$ 0.15
per share as compared to the net loss per share of US$ 0.06 for the quarter ended March 31, 1999.
"We have had a great first quarter," said Gregory Pek, president and CEO of First Ecom.com. "There is a growing willingness on the part of
banks in Asia to consider outsourcing their payment processing to us. At present we are in discussions with a number of them to this end.
Some of these are major international financial institutions. There is also increasing pressure being brought to bear on banks by businesses for
an e-commerce payment solution. They are approaching us, as it is becoming increasingly apparent that First Ecom can provide banks and
financial institutions with universal, secure, cost efficient electronic payment solutions that work worldwide, can be up and running quickly and
are beneficial for both the bank and the merchant."
Pek added, "During the first quarter of 2000, we completed our first round of funding, raising US$ 45 million; became a full reporting
company with the successful filing of our Form 10 with the SEC in the US; became listed on the Bermuda Stock Exchange; signed MOU's
with banks in Hong Kong and Taiwan; formed new alliances and partnerships with leaders in Internet technology; applied for listing on the
NASDAQ national market system; strengthened our board and senior management team -- including appointing a Taiwan country manager;
announced a joint venture with the Bank of Bermuda in the form of First Ecommerce Data Services; and signed an OEM agreement with Oasis
Technology. To start the year in such a positive manner is a great achievement for a company just over one year old. We have laid the
foundations for our future success."
The Company's financial results for the quarter ended March 31, 2000 accompanied the filing of its Form 10-Q with the Securities &
Exchange Commission on May 15, which is available on-line at the SEC's Edgar database at www.freeedgar.com.
Financial Summary
FIRST ECOM.COM, INC.
Financial Highlights (Unaudited)
Q1 Ended Q1 Ended
March 31, 2000 March 31, 1999
Revenues $4,802 $nil
Net Profit/(Loss) $(2,452,712) $(540,535)
Basic and diluted
net loss per share $(0.15) $(0.06)
Shares used to compute
basic and diluted net 15,879,359 9,789,111
Operating profit/(loss) $(2,632,051) $(546,280)
About First Ecom.com
As a global provider of electronic payment processing, First Ecom.com provides secure, easy-to-implement and low-cost online payment
processing services to banks and their merchants worldwide. Through strategic partnerships with banks, ISPs, e-commerce product suppliers,
system integrators and storefront solution providers, First Ecom.com will process credit card transactions made over the Internet in multiple
currencies, either domestically or offshore in a tax-neutral jurisdiction.
For more information, visit firstecom.com or contact First Ecom.com at +(852) 2801-5181 or by e-mail at info@firstecom.com.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995).
Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such
forward-looking statements.
CONTACT: Davis.Comm, Inc. (for First Ecom.com)
Jeff Davis or Kevin Manniko, 415/837-3939
jdavis@daviscomm.com
kmanniko@daviscomm.com
or
Investor Relations, 888/305-8233 |
