Brek Energy Corporation Announces Year End Financial Results for 2001.

Business Editors

HONG KONG--(BUSINESS WIRE)--April 12, 2002

Company Ends Third Full Year Well Positioned for Growth in 2002

Brek Energy Corporation (NASDAQ: BREK, BSX: BREK, BREK BH), an owner of significant interest in emerging non-conventional energy companies and provider of electronic payment processing solutions, today announced the filing of its Form 10K and financial results for the year ended December 31, 2001 and for the fourth quarter of the same year.

Brek Energy, which recently changed its name from First Ecom.com, Inc. and is still in development stage, posted revenues for the fiscal year 2001 of US $301,978 as compared with revenues for 2000, reclassified to conform with the 2001 presentation, of US $38,223. The increase is attributable to an increase in revenues from payment processing through Brek's Asian operations under First Ecom Systems and the consolidation of First Ecommerce Data Services Limited for the period of June 19 to October 19, 2001. Net loss for the year 2001 after amortization, depreciation, charges for impairment of long-lived assets and non-cash compensation associated with stock options was $10,461,322 as compared to the year 2000 operating loss of $17,809,461. The current year's loss includes one time non-recurring losses for the write down of certain assets to their net realizable value totaling US $3,473,844 as compared to US $2,581,771, after reclassification, in 2000. Net loss per share for the year 2001 was US$ 0.54 per share as compared to the net loss per share of US$ 0.98 for the year 2000.

For the fourth quarter of 2001, the Company had revenues of $59,142 as compared to $10,336 in the fourth quarter of 2000, after reclassification to conform with the 2001 presentation, and a net loss of $2,636,663 as compared to $7,030,859 in 2000. The 2000 fourth quarter loss included $3,854,382 of one-time charges to write down assets to net realizable value and the accounting change charge of $380,000. The loss for the fourth quarter of 2001 was $0.14 per share as compared to $0.39 per share for the fourth quarter of 2000.

"Our third full year of operations saw not only a dramatic change in the business environment but also in our main business," said Gregory Pek, president and CEO of Brek Energy. "First, we continued our reevaluation of the payment processing business which resulted in a sharp downsizing of our operations to fit the existing business environment. We further concluded that a continued focus on the payment processing business would not be successful in creating shareholder value resulting in the Board deciding to re-focus the Company on the energy sector. This lead to acquiring a significant interest in Gasco Energy, Inc. and ultimately changing the Company's name to Brek Energy Corporation. We also sold First Ecommerce Data Services Limited, but retained the right to process the electronic payment transactions of our Asian subsidiary, First Ecom Systems Limited."

Pek added, "Our first quarter activity of 2002 has us well positioned for significant growth throughout this year. Our recent acquisition of 7 million additional common shares of Gasco Energy, gives Brek a 53% voting control and a 45% equity stake in Gasco Energy. We also secured a significant interest in Vallenar Energy Corp. a company with a potential enhanced oil recovery operation in Texas. While Vallenar is still very early stage, it too could have large potential. The extent of this we should start to know near the end this year."

"Our decision to acquire the interest in Gasco is proving to be very fortuitous. Gasco has large acreage positions and recognizable industry participants in each of Utah and Wyoming. In Wyoming Gasco has teamed with Burlington Resources on its Green River Basin project. Burlington has recently stated that it believes they encountered an elevated pressure boundary similar to that of Jonah Field within the project. Furthermore Burlington has indicated there could potentially be in excess of 1 TCF net (its half share) of gas in this project. This view, from that of a recognized leader in the field, indicates that Gasco is a very valuable asset. The numbers are starting to look very good indeed."

The Company's financial results for the year ended December 31, 2001 accompanied the filing of its Form 10-K with the Securities & Exchange Commission on April 9, 2002, which is available on-line at the SEC's Edgar database at www.freeedgar.com.

Financial Summary

BREK ENERGY CORPORATION
(Formerly First Ecom.com, Inc.)

Financial Highlights (Unaudited)

                                                     Year Ended
                                        Year Ended December 31,
                                 December 31, 2001         2000
Revenues                                   301,978       38,223
Loss from continuing operations       (11,950,190) (13,209,725)
Income (loss) from discontinued
 operations                              1,488,868  (4,219,736)
Net loss                              (10,461,322) (17,809,461)
Basic and diluted net loss per share        (0.54)       (0.98)
Shares used to compute basic
 and diluted net loss per share         19,210,037   18,064,980
Operating loss                        (11,458,430) (12,811,092)

Fourth quarter results for Brek Energy Corp. were also announced:

                           Financial Summary

                     BREK ENERGY CORPORATION
                 (Formerly First Ecom.com, Inc.)

                Financial Highlights (Unaudited)

                                Quarter Ended     Quarter Ended
                            December 31, 2001 December 31, 2000

Revenues                               59,142            10,336
Loss from continuing operations   (2,629,036)       (4,944,504)
Income (loss) from discontinued
 operations                           (7,627)       (2,086,355)
Net loss                          (2,636,663)       (7,030,859)
Basic and diluted net loss
per share                              (0.14)            (0.39)
Shares used to compute basic
 and diluted net loss per share    19,210,037        19,210,037
Operating loss                    (2,300,131)       (3,531,448)

About Brek Energy Corporation

Brek Energy Corporation owns significant interests in emerging non-conventional energy companies and assists in building these companies and their assets to their full potential. Brek Energy Corporation, formerly First Ecom.com Inc., also provides electronic payment solutions through its wholly owned subsidiary, First Ecom Systems Limited. The Company has a national market listing and its common shares trade on the NASDAQ National Market System under the symbol BREK.

For more information, visit www.brekenergy.com contact Brek Energy Corporation at +(852) 2801-5181 or by e-mail at [e-mail] / [e-mail].

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include significant risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a discussion of some of these risks and uncertainties, please refer to the company's SEC filings, which contain additional discussion about those risk factors, which could cause actual results to differ from management's expectations. Brek Energy expressly disclaims any obligation to update the statements contained herein.