Here is the full news on FECC.
Thursday March 11, 9:25 am Eastern Time
Company Press Release
SOURCE: First Ecom.com, Inc.
First Ecom.com, Inc. Commences Operations to Provide International
Internet Credit Card Processing Services
FEC targets ISPs, E-commerce Web sites and Asian government fee collection agencies with low-cost credit processing system
HONG KONG, March 11 /PRNewswire/ -- First Ecom.com, Inc. (FEC), (OTC Bulletin Board: FECC - news), an international Internet credit card processing services provider for merchants located outside North America, today announced it has commenced formal business operations. Through a reverse merger in January 1999 with a company quoted on the Nasdaq over-the-counter bulletin board, FEC shares began trading on February 22, 1999 under the symbol ''JRLR-BB.'' First Ecom.com's shares began trading under the new symbol ''FECC-BB'' on March 5, 1999.
FEC's primary business is approving merchants and processing credit card transactions in multiple currencies, made possible, in part, through an arrangement to use the First Data international gateway. FEC is one of the first companies to offer international credit card transaction processing services to companies wanting to participate in E-commerce.
FEC meets the growing demand for advanced international credit card processing solutions to merchants primarily outside North America. While FEC currently is processing limited live transactions, the company is entering into a systems testing phase, which is expected to extend through mid-May 1999. During this period, FEC will process transactions for a limited number of third party E-commerce merchants. Following completion of systems testing, FEC will offer its services to E-commerce merchants, regardless of where their business is located.
FEC to Target ISPs with Value Added E-Commerce Services
FEC expects to generate revenue from referral relationships with ISPs, other industry referral groups, utility companies and Asian government fee collection agencies wanting to add to their revenue streams by providing customers with value-added E-commerce services that are currently not widely available today.
The company plans to drive early adoption of its service through partnerships with leading financial and Internet companies including US Web/CKS. FEC also expects to finalize a first-phase agreement with a Hong Kong public phone company very soon.
FEC Appoints Management Team and Directors
FEC's new management team and board of directors are comprised of executives from Hong Kong's leading investment, Internet and E-commerce companies. Heading FEC as director, president and CEO is Gregory M. Pek. Pek's background includes top management positions at publicly traded companies in Hong Kong and Canada. He brings a broad business background in manufacturing, marketing, finance, and regulatory issues.
Ravi Daswani has been named director, senior vice-president and COO. He was previously managing director and owner of Asia Internet Limited, a Hong Kong ISP, which today is one of the fastest growing web hosting companies in Hong Kong.
Ermanno Pascutto serves as a FEC director, bringing an extensive background in securities regulation and corporate management. Pascutto is a former deputy chairman and executive director of the Hong Kong Securities and Futures Commission (SFC) where, among other responsibilities, he was involved in all aspects of regulating listed companies. Previously, he was executive director and chief operating officer of the Ontario Securities Commission (OS), Canada's leading securities agency.
Matt Mecke has been named senior vice president of systems and product development. Prior to joining FEC, Mecke was a management executive with First Data Asia in Hong Kong. His background includes strategic planning, new business development, E-commerce applications and pricing. Mecke is the chief architect of FEC's systems, and will develop and evaluate future projects including online bill payment and presentment, and the potential for future processing services.
Finally, Phillip Baldwin has been named director of business development for FEC. Previously, Baldwin was general manager, director and COO of The Coleridge Group Limited, a Hong Kong-based multi-media and Web solutions company. He also has held senior sales and marketing positions with Dow Jones and News Corporation's Star TV.
About FEC
First Ecom.com is a Hong Kong-based company providing online credit card transaction processing services for merchants outside of North America. Through a series of strategic alliances, FEC approves merchants and processes transactions in a tax-neutral location without the need for using U.S. banking institutions or U.S.-based ISPs. For more information, contact FEC at 888-305-8233.
Safe Harbor Statement
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.
SOURCE: First Ecom.com, Inc.
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