An aspiring Bermuda-based e-commerce company has made a flamboyant entry onto the million-dollar world stage of big bucks Internet marketing deals.

And the company, Eocnet.com, also known as eBS.Ltd, says Bermuda's government is doing all the right things for the Island to become a hub of the world's e-commerce activity.

But CEO Granger Whitelaw warned yesterday the Government should be careful not to rush too fast into e-commerce out of fear of losing the wave, and in doing so miss the boat all together.

Mr. Whitelaw spoke to The Royal Gazette last night just as top US analysts and reporters prepared to fly to Bermuda for the grand world launch of his offshore electronic commerce company Eocnet.com on Thursday.

The former New York banker was ecstatic at the success of one of his company's first marketing deals in which it paired up with one of its clients MerchantOnline and Internet supremo Yahoo!.

The threesome sponsored a car in Sunday's Indianapolis 500 race -- the biggest watched single-day sports event in the world.

Mr. Whitelaw would not reveal exactly how much the deal was worth except to say it was more than a million dollars.

"The Indianapolis 500 is a very well followed event broadcast to 120 countries,'' he said.

"Our name was alongside other billion dollar companies which perform at the top of their fields, mainly in the US but also internationally.'' It was clearly a smart move in positioning a company which is just starting up.

"And it is those kinds of companies which we will be linked with after the launch. Our target audiences are young people and businesses and a lot of business-to-business sponsoring is done in the Indy league.'' He said the sponsorship deal meant Eocnet.com would continue gaining publicity through banner ads and other marketing programmes centred around Yahoo! web sites which millions of online browsers use each day.

He is keeping Eocnet.com's business plan under wraps until the big launch on Thursday.

But he said the company would "set the standard'' for e-commerce and by doing this would attract a slice of the trillion-dollar industry to Bermuda.

"Bermuda's Government has been very responsive and is really looking at and thinking out the different issues which they need to right now.

"And they're doing a good job of it. But I hope they realise that the quick answer is not necessarily the right one for this growing industry.

"It is important for Bermuda they don't move too quickly.'' He said the Island "has what it takes'' to become a hub of e-commerce and his company was raising the standard for the industry and the profile of Bermuda.

"We're going to show businesses outside Bermuda exactly what is on offer here and the high level of care the Bermuda government is paying e-commerce.

"That will make it clear Bermuda is THE place to do e-commerce business.'' The company was formed in Bermuda in December and in March government announced it was to introduce the Island's first private e-commerce bill, which was soon afterward passed in the House of Assembly.

Speed thrills: Eventual winner Kenny Brack of Sweden (front) drives below second-place finisher Jeff Ward of California at the Indianapolis 500 on Sunday. A Bermuda-based e-commerce company was among three companies which sponsored Ward's car.