Analyst Report for AlphaTrade.com.

Business Editors, High-Tech Writers

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 2, 2000

Never before has the individual investor been equipped with such an abundance of financial tools -- tools once available to the professional -- that provide him with the same opportunities as anyone else.

This freedom to wealth was spurred by the advances in technology that allowed him access to these tools and the ability to utilize them. Now technology is about to provide us with a set of tools that are streamlined and cutting-edge. The company providing this technology is just as cutting-edge -- using Java to an extent that even the pros are raving -- and profitable. The projected growth for the next two years is astounding, the pieces have been masterfully set in place and the capability to handle up to a million users at any given time has been realized.

Alphatrade.com (OTCBB:EBNK) has developed an elaborate trading and portfolio management system that utilizes cutting-edge java technologies. The company's flagship product, E-Gate, is a virtual "living desktop" providing the user with real-time quotes, news, Level II, advanced charting and live trading features. E-Gate equips the user with an innovative tool that requires no downloads or plug-ins and never requires updates. When accessed, E-Gate opens places a Remote Control Device ("RCD") on the user's desktop in a separate window. This allows subscribers to access E-Gate from any computer, regardless of platform or location. The RCD allows the user to continue surfing the Internet or doing other work while providing streaming access to the markets.

EBNK put over $ 350,000 into building and developing their systems in Jan/Feb of 2000 and now can actually handle a million users at any given time. A recent announcement detailed the launch of the second phase in its Virtual Private Network in San Jose. This phase is linked to the Vancouver office using a high-speed connection. Customers in turn can connect via the mirror site of their choice allowing for higher speeds and less latency. Security is a major issue on the Internet -- especially given the recent attacks on Yahoo and others -- and the VPN provides the necessary defense against unauthorized access. The VPN is a virtual gatekeeper for EBNK's global extranet that connects all subsidiaries, remote locations and users in a secure environment.

Financially the company is ready to take-off. November of '99 was an exciting month as the company signed up 15,000 subscriptions. The company generated approx. $350,000 in subscription revenue during Nov/Dec of '99. The company projects those numbers to rise to almost $100 million by the end of fiscal '00. Exciting growth but there is more. Because the RCD sits on the users desktop, the advertisement on the RCD does so along with it. Potentially this could mean that an advertiser's banner would be on a users desktop for 8 hours or more. This makes advertising much more valuable than the traditional banner rotations available as advertisers will be much more inclined to pay to have their logo sit on a potential customers desktop. The company has also met all requirements to be listed on the Nasdaq and all the applications have been filed. The company is at the turning point between being just "a good idea" and an actual revenue generating model for success.

The company is prepared to start selling subscriptions -- they already have agreements with large subscription based groups being finalized -- and also taking advantage of the potential advertising revenue opportunities presented by the RCD banner. Subscriptions are estimated to grow at a rate of approx. 45,000 new sign-ups per month. The package price varies, ranging from $19.99 to $ 69.99 per month. Just that alone gives EBNK an additional $500k -- $3 million in revenue per month. As the company gains momentum and the popularity of its product grows, subscriptions can be expected to grow to the 60,000 new users/month level. Our earnings estimates for fiscal 2000 are $14.3 mil giving EBNK an EPS of $1.30. Based on a P/E of 30 a target of $39 is realistic. Certainly the company needs better recognition to attain its potential and the completion of the move to the Nas would help.

All the action in EBNK in the last few months was a function of the trading volume, which is often the case with thinly traded stocks with sporadic news and impatient investors. All the up moves were signaled by high volume and all the declines were of the "drifting" kind -- including the last one -- which largely was due to the impatience associated with the pending move to the Nas. The stock has not crossed below the $6 level in four months and that support level is solid. With some volume and a few positive press releases EBNK can be expected to challenge the $9 high touched briefly four weeks ago and back in July. Beyond that, the next area of some supply is $12-14.

You can try E-Gate at either the Insider website (http://www.theinsiderreview.com) or at our sister site, Alert Investor (http://www.alertinvestor.com). We encourage you to do so to get a feel for the company and its technology, and also to see the impressive line-up of tools offered at E-Gate.

No compensation was received, in any form or manner, for this report. To subscribe for free to The Insider Review and its sister publication Alert Investor, send an email to [e-mail]

Patrick Comer

Editor

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in AlphaTrade's filings with the Securities and Exchange Commission.