quarter net loss of $3.6 million, up from the loss last year during the same period of $2.7 million.

The global provider of electronic payment processing solutions had revenues for the third quarter of fiscal ending September 30, 2000 of $250,489.

Operations resulted in a net loss, before non-cash items, of 10 cents per share, or $1.9 million as compared to the third quarter 1999 loss of 16 cents per share or $2.06 million.

"During the third quarter we have seen an increase in our payment processing revenues,'' said Gregory Pek, Chairman of First Ecom. "While our system integration revenues are lower than last quarter's, resulting in lower overall revenue, we expect that it will continue to be an ongoing revenue source for us.

"Our main business focus, however, continues to be the development and marketing of a global, secure, leading-edge electronic payment solution. We expect revenues to increase as we further roll out the First Ecom e-payment solution worldwide.'' Mr. Pek added, "Our third quarter accomplishments include the launch of the first bank in Hong Kong to use our solution, an additional $7.8 million investment from the Bank of Bermuda, and finalisation of the FEDS acquisition.

We also announced that two banks have signed outsourcing agreements with FEDS, which we believe illustrates that third-party payment processing remains a viable alternative for banks wishing to reap the benefits of e-payment transactions.'' Payment processing made $17,355 and systems integration $233,133 for the quarter. There are no earnings from the earlier quarter to compare with.

Operating loss for the quarter was $3.99 million, compared to $2.47 million in the same period the year before.

The company's financial results for the quarter ended September 30, 2000 accompanied the filing of its Form 10-Q with the Securities & Exchange Commission on November 14.