First Ecom posted revenues for the second quarter of fiscal year 2000 of US$ 410,431. Operations resulted in a net loss, before non-cash items, for the second quarter of 2000 of $ 2,242,958, as compared to the second quarter 1999 loss of $ 686,315.
"We have had a significant second quarter," said Harold Hutton, president and CEO of First Ecom. "During the second quarter most of our revenues were generated from our systems integration business. We are committed to building a company that provides the financial industry with a global, secure e-payment service. Important milestones were achieved during the quarter. These accomplishments include obtaining our NASDAQ National Market System listing, the announcement of the first bank in Hong Kong to use our solution, the acquisition of Asia Internet, and the strengthening of our senior management team, through the appointment of Gregory Pek as Chairman of the Board and my succeeding him as president and CEO. Other management changes included the appointment of a new CFO and a president of our Canadian operations. In addition, First Ecom has also made technological advances through the addition of secure payment processing for WAP-enabled devices, new partnership agreements with the likes of iAsiaWorks and Planet Payment, and an out-of-the-box solution with Sun MicroSystems, Sybase, and inter-Merchant.
Hutton added, "These achievements illustrate our commitment to continually be on the leading-edge to provide banks and their merchants with the most advanced global e-payment solutions available. More and more banks are realizing the benefits of outsourcing payment processing, and as they do we are here to assist them by proving a universal, secure, cost efficient electronic payment solution that enables banks to immediately profit from the new economy."
The Company's financial results for the quarter ended June 30, 2000 accompanied the filing of its Form 10-Q with the Securities & Exchange Commission on August 11, which is available on-line at the SEC's Edgar database at www.freeedgar.com.