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First Ecom Reports Cash Reserves of US$ 40 Million

09 August 2000

Hong Kong: 9 August 2000 - First Ecom.com (NASDAQ: FECC, BSX: FECC, FECC.BH), a global provider of electronic payment processing solutions, today announced that its current cash reserves stand at approximately US$ 40 million. Management anticipates these will be sufficient to take the Company to the point where recurring revenue becomes sufficient to support ongoing operations.

"Over the last few weeks we have received a growing number of inquiries from shareholders and other interested parties as to the financial state of the Company," said Harold Hutton, President and Chief Executive Officer of First Ecom. "We believe that these inquiries and concerns are based on the growing number of deferred or cancelled equity financings affecting Internet oriented companies, and the speculation as to which companies will run out of cash before they reach profitable levels of operations. While our 10Q filing for the quarter ended June 30, 2000 is expected to be filed imminently, we thought we should comment on our current financial position in light of general market concerns and the number of inquiries we have been receiving."

"Our cash position of $ 40 million is strong. We have a current operating loss of approximately $ 850,000 per month and believe our cash reserves are more than sufficient for First Ecom to reach levels of revenue that will at least sustain ongoing operations," added Mr. Hutton.

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 http://www.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.