In what may be seen as a sign of the times, the Bermuda-based secure systems payment provider which uses a "virtual wallet'' system has changed its name from earthport.com to Earthport Plc.

The company uses a system which holds personal details, including bank and credit card details and delivery information on a secure server, which are asked for once, and then the customer uses a secure virtual wallet without having to give out these details again.

Earthport Plc advised the Bermuda Stock Exchange (BSX) yesterday that a special resolution was passed at the company's AGM on December 11, 2000 changing the name of the company from earthport.com to Earthport plc.

The company also said that Adriaan Brink, Alan Tucker and Peter Chappell have resigned their positions on the board and that Bob Tucker was appointed to the board at a meeting of the directors on December 6, 2000.

The fledgling e-company also issued the chairman's message for the annual report through the BSX.

David Vanrenen said: "This has been a formative year for our company and one in which we have achieved a great deal, building a leading company providing secure payment systems for the world of electronic commerce.

"We are continuing the strategy, outlined in our March fund-raising document, of proliferating the earthport wallet in Europe and, where possible, in Asia, Australia and South Africa.

"This is being achieved by allowing the own branding of the earthport wallet by substantial organisations such as banks, telcos and portals. These organisations provide the wallet as a standard part of their offering and then market the concept to their customers.

"Earthport benefits from the substantial number of potential wallets and the marketing push of the organisations.'' They said the next stage in the evolution of the group was to join the Alternative Investment Market during the first quarter of next year.

He said: "This is a positive step for the company and for our shareholders who have shown their continuing support for the company during this year.'' Earthport was accepted for listing on the Official List of the UK Listing Authority under chapter 25 of the Listing Rules. However chapter 25 requires that the company raises a minimum of $20 million as part of the listing and the company said following the successful fund-raising of $25 million in March 2000 the company has no requirement to raise funds and feels that it is not in the best interests of shareholders to do so at this time.