The payment system, designed originally for credit card use, has been refined to also allow two-way movement of funds within a totally secure environment. This product appeals to the banking sector and enables payments of all sizes, including micro payments, to take place seamlessly. Negotiations for its implementation are encouraging. Judging by those businesses approaching us to discuss the use of our product, as well as our own research, it appears that, at least for the moment, our system is unique.
The concentration of our team on the extension and modification of the Internet payment system, which we believe will be very successful, impinged on current revenues. We believe that this activity will fully repay the effort expended through the enhancement of the company's revenue in the future.
EarthPort Entertainment has been renamed as Zabadoo.com Ltd and is pursuing a range of business opportunities. These include our intention to participate in a bid for the Internet functionality of the new UK National Lottery licence, the continuing association with Granada in respect of the G-WIZZ website, working with International Broadcasting Company on its exciting new interactive developments and the promulgation of the PLUS Lotto Internet lotteries and games.
The company moved offices in December 1999, bringing together the development and marketing teams, which had been housed separately. The synergy and team spirit resulting from this move will stand the company in good stead during the coming months. As was to be expected, the company's systems came through Y2K without any problems and, with this perceived problem behind us, we look forward to an acceleration in our involvement with the banking sector this year.
Much of the activity in the last quarter of the last millennium will form a very solid platform for what we believe will be an exciting future for the company.
I would like to take this opportunity to wish all our shareholders and associates peace and prosperity in the new millennium."