currently vetting them before setting them up in its transaction processing facility in Bermuda, according to founder and chief executive officer Granger Whitelaw.

The company operates as EOCnet.com and is in the business of setting up cell structures called "e-suites'' for international companies doing electronic commerce. eBS has revealed that it had set a target of $75 million in revenues in five years from the US and Canada. The company has hired TeleServices Internet Group, Inc., known as TSIG.com, as exclusive sales representative for the US and Canada. TSIG.com will receive a 15 percent commission of transactional revenue from US and Canadian clients.

"Based on discussions with EOCnet.com, TSIG.com has set minimum targets of revenues to eBS of $4.5 million in year 1, $20 million in year 2, $45 million in year 3, $65 million in year 4, and $75 million in year 5,'' a Press release stated. In an interview with The Royal Gazette Mr. Whitelaw said the proof that the company's strategy is correct can be seen in the set up of what he claimed were copycat companies like Coral Capital, First Ecom, and First Atlantic.

EOCnet.com was featured in The Nilson Report, a publication which covers transaction processing. The publication stated that EOCnet.com is charging clients $2,000 annually to establish and maintain an e-suite -- an Internet and data-storage site including a merchant bank card account with the Bank of Bermuda.

"Clients receive a legal status that combines elements of a corporation with those of a limited liability partnership,'' the article stated.

"MerchantOnline.com, an Internet payment gateway provider, is the company's first US client.'' Mr. Whitelaw said the company had about 200 customers and was currently working to set up facilities for them based on their needs. He said the next step was to not only process transactions but to provide the accounting, financial, managerial, legal and administrative functions for the clients.

He said Wired magazine was doing a profile of the company in its October issue. In an another article titled "EOCnet.com: Has it Broken the Code?'', the Gartner Group described the company as an "innovative e-business service offering'' that is "leveraging on the success of the Bermudian reinsurance industry''. The company is allied with PricewaterhouseCoopers, the Bank of Bermuda, Visa International, Cable & Wireless and Sterling Commerce.