One of Bermuda's leading e-commerce ventures which was sold after alleged management problems has come back from the brink under new management.

And oeBusiness.com is looking to expand after exceeding its business projections for this year and will be taking on more staff in the near future.

Colin Wood, the company's chief executive officer, said: "We will be looking for more staff and we want to take on as many Bermudians as we can. It is obviously difficult because there is a shortage of trained staff world wide, but we are hoping to be able to do this.'' oeBusiness was set up by Trans World Group, formerly London Telecom, to specifically take over business set up last year by a group of e-business entrepreneurs under EBS Ltd.

According to members of EBS management team at the time, there were disputes among executives which were affecting the company.

In December oeBusiness.com bought out most of the business including the service name EOCnet and a ground-breaking piece of legislation called EBS Ltd Act 1999.

This act was one of the first of its kind in the world and allows oeBusiness.com to run an offshore business through, which electronic business can set up `virtual offices' and `e-suites'. It also allows them to do business in Bermuda without having to incorporate or have a physical presence on the Island.

The attraction to the companies signing up is the lack of corporate tax on transactions, which are done in cyberspace -- legally these transactions take place in Bermuda.

According to the team, business has been good since setting up December with companies flocking to their door in Hamilton to sign up.

Marketing Manager Robin Trimingham said: "The company has expanded beyond all expectations. We are delighted at how the company is moving.'' Mr. Wood added: "We cannot reveal how many companies we have helped because of competition, but let us say we are doing very well and have easily exceeded our projections so far for this year. We will easily meet our targets by the end of the year.'' Earlier this month oeBusiness announced it had signed an agreement with VeriSign Inc, a leading provider of Internet trust services.

This alliance allows the company to provide a one-stop payment solutions and services for e-businesses around the world.

This will allow companies using the service to authorise, process and manage on-line payments by credit cards.

Earlier this year oeBusiness announcement that it had teamed up with Bank of Bermuda. The Bank became an equity stake holder in the company and formed a partnership with oeBusiness.

According to the Bank, the deal extended its e-commerce solutions and allowed them to move into worldwide markets by helping provide customers access to a whole new range of markets and services offered by oeBusiness.

The private act passed in Parliament and now owned by oeBusiness.com is considered to be the feather in the cap of oeBusiness.

It is generally considered to be revolutionary, encompassing important issues such as contract formation and EU Data protection as well as allowing clients to have virtual offices locally.

A new e-conomy: eoBusiness is now an e-commerce success story with chief executive officer Collin Wood at the helm. Here Mr. Wood is pictured with the company's new director of marketing Robin Trimingham at the headquarters in Hamilton.