First Ecom Sells First Ecommerce Data Services Limited; Company to Focus on High Growth Areas of Gas and Oil Exploitation and Payment Processing in Asia.

Business Editors

HONG KONG--(BUSINESS WIRE)--Nov. 5, 2001

First Ecom.com, Inc. (NASDAQ: FECC, BSX: FECC, FECC BH), a company with interests in gas and oil exploitation and electronic payment solutions today announced the sale of its wholly owned subsidiary and payment processing division for the Americas and Caribbean region, First Ecommerce Data Services Limited (FEDS) to Transworld Payment Solutions N.V. of Curacao.

The transaction included repayment of inter-corporate loans and resulted in immediate cash proceeds to First Ecom of $3 million plus additional cash proceeds over the next three years of a minimum of $2 million and a maximum of $3 million.

Included in the transaction is a license for First Ecom's e-acquirer payment gateway system that also incorporates its Merchant Accounting and Reporting System. First Ecom and its Asian payment processing operations, which will carry on business as First Ecom Systems Limited, have provided for FEDS to continue processing their existing customers' transactions and may arrange FEDS processing for future customers as well.

"The sale of FEDS to Transworld Payment Solutions is very much a win-win situation," said Gregory Pek, president and CEO of First Ecom. "It significantly adds to First Ecom's cash reserves and reduces operating costs while continuing to provide First Ecom and its customers access to the FEDS systems. Furthermore it strengthens the position of FEDS as well, providing it with a partner that is committed to payment processing. While the primary business of First Ecom is the oil and gas industry, we continue to develop our payment processing assets, and continue to look for synergistic opportunities with other parties."

"With this sale, FEDS has taken a significant step towards becoming a major player in the global payment processing industry," said David Lema, Chief Executive Officer of FEDS. "As Transworld Payment Solutions is also committed to becoming a major force in payment processing, the purchase of FEDS serves the ambitions of both companies. The timing and structure of the sale is positive for all parties and the future prospects of FEDS and Transworld Payment Solutions look exciting."

About First Ecom.com

First Ecom.com Inc. has interests in both oil and gas exploitation as well as being a global provider of electronic payment solutions through its wholly owed subsidiary First Ecom Systems Limited.

For more information, visit www.firstecom.com or contact First Ecom.com at +(852) 2801-5181 or by e-mail at [e-mail].

About First Ecommerce Data Services Limited (FEDS)

FEDS is an independent third-party processor. It works with existing processors and financial institutions to provide merchants with a multi-currency, advanced electronic payment processing solution. The FEDS Processing Solution supports both online and batch, processing for credit and debit cards as well as real time authorization, electronic merchant settlement and comprehensive risk management and financial reporting.

For more information, visit www.fedsinternational.com or contact FEDS at +(441) 296-FEDS (3337).

Transworld Payment Solutions N.V. is a privately held payment processing company based in Curacao. It provides banks and financial institutions in the Americas and Caribbean region with universal, secure, cost efficient electronic payment solutions.

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. First Ecom expressly disclaims any obligation to update the statements contained herein.