Earthport.com Releases First Quarter Results | Bermuda Stock Exchange

15 October 1999

Hamilton, Bermuda: October 15 1999 - In a letter to share holders issued today, Earthport.com stated; "The Northern Summer for 1999, ended 30 September, has been a busy one for EarthPort.com. Gross group revenue increased 66% from £397,000 in the June quarter to £658,000 in the September quarter, the first quarter of the new financial year and increased by 204% compared to the same period last year.

We completed our fund-raising on the Bermuda Register and the shares are now trading on the Bermuda Stock Exchange (BSX) under the symbol ERPT_BH. Filing has been completed with the SEC for listing on NASDAQ with the symbol ERPT and we expect to be quoted on NASDAQ soon. We intend to use the cash raised to further develop the revenue streams of Earthport Entertainment and Earthport Transaction Services, as we drive for positive cash flow and profitability.

EarthPort Entertainment Limited is at an advanced stage with its development of games for the Granada site, G-Wizz, and we expect this site to go live early this quarter.

EarthPort Entertainment Limited, which pioneered lottery technology and marketing on the Internet, has stated its intention to be the Internet provider for the National Lottery. The company is in discussions with a variety of different consortia.

EarthPort Entertainment Limited has reached initial agreement with International Broadcasting Corporation to build a general purpose Internet site and an interactive multi-media games facility for its new central European games television channel. This channel will be broadcast from the Hot Bird 4, Utelsat satellite, which has a footprint of 40 countries with a total population of 400 million people.

EarthPort.com concluded an agreement with QuoteSure.com, a new and exciting insurance quotation vendor coming on to the Internet. EarthPort Transaction Services AG, our wholly owned subsidiary, will supply the Internet payment facilities.

EarthPort.com continues to evolve at a rapid pace. We are pleased that merchants find our system to be user friendly, extremely useful and flexible and we expect a substantial increase in revenue this quarter as a result of e-Christmas.

We believe that Earthport, which is a second-generation secure Internet payment system, is a robust Internet model that will prove to be a sustainable long-term revenue generator. We believe that the first generation models of "traffic, advertising and traditional mail order payment" will not survive."