EOCnet.com, Electronic Offshore Commerce Network, Opens "Virtual" Doors From Bermuda; Forms Charter Alliance Partners with Sterling Commerce, Bank Of Bermuda, Cable & Wireless, PricewaterhouseCoopers and Visa International Enabling Client Companies Ability to Conduct Business Electronically Offshore

Business Wire, June 3, 1999

HAMILTON, Bermuda--(BUSINESS WIRE)--June 3, 1999--

Forms Charter Alliance Partners with Sterling Commerce, Bank Of

Bermuda, Cable & Wireless, PricewaterhouseCoopers and Visa

International Enabling Client Companies Ability to Conduct

Business Electronically Offshore

EOCnet.com, Electronic Offshore Commerce Network, a newly-formed company providing electronic commerce services, today announced strategic alliances with some of the world's leading financial, e-commerce and consulting organizations at a press conference in Hamilton, Bermuda.

EOCnet.com was formed to help companies from around the world exchange critical business information and expand their presence via a virtual office in Bermuda, which provides cost savings and regulatory and tax, as well as other fiscal advantages.

EOCnet.com has agreements with Sterling Commerce, a leading global provider of electronic commerce software and services; Bank of Bermuda, an international financial institution and a pioneer in offshore electronicpers, more and more companies will discover thaf Bermuda's recently-enacted "EBS Ltd. Act, 1999", which encompasses critical issues relating to contract formation and EU Data Protection, as well as providing EOCnet.com with the opportunity to provide its clients "e-Suites" -- a legal corporate entity under which they can conduct business from Bermuda without the expense of incorporating or maintaining a "bricks and mortar" presence on the island."

With respect to EU Data Protection, the Act is designed to establish a safe harbor so that personal data can be transferred to Bermuda without breaching EU law. EOCnet.com is consulting with various EU Data Protection authorities. The responses thus far have been positive.

Through an exclusive agreement, EOCnet.com will be the only e-commerce company working with the e-Suite business model with the Bank of Bermuda. The Bank will provide EOCnet.com with settlement services in one of the world's premier offshore financial jurisdictions. When credit card systems recognize transactions as based in Bermuda, it permits settlement on the island, so the seller can take advantage of the benefits of the island's regulatory framework, security and potential tax advantages.

"We are proud to play a major role in this new venture with EOCnet.com -- a company that will help define the future of commerce as we know it, " notes Alan Richardson, Senior Vice President, Retail Clients, Bank of Bermuda.

EOCnet.com's computer systems have triple redundancy and are housed in a Cable & Wireless hurricane-proof teleport facility on the island. Cable & Wireless' experience spans many decades and its technical areas are maintained to the highest degree of quality and security. Cable & Wireless is the world's leading provider of integrated communications and a major global carrier of communications traffic: Internet, data, voice and video.

Notes Eddie Saints, GM, Cable and Wireless Bermuda, "Our record of providing uninterrupted service in Bermuda is unmatched and unblemished in 109 years of operation. We look forward to providing EOCnet.com with the global telecommunications infrastructure required for its success."

Sterling Commerce will facilitate the exchange of critical business information between commerce partners in a secure extranet environment via its COMMERCE:Exchange software installed at the Cable and Wireless teleport site. The Bermuda-based information exchange will enable companies to benefit from the island's business-friendly regulatory environment. Sterling Commerce will also provide commerce community management services to help build, manage and service the commerce communities.

"This agreement represents Sterling Commerce's ongoing commitment to provide companies with global Internet commerce solutions that enhance and improve their business processes on a worldwide basis," said Paul L.H. Olson, Executive Vice President of Sterling Commerce.

VISA International, undoubtedly the world's universal credit card brand, provides critical joint marketing programs and processing solutions to EOCnet.com. In addition, the company gives EOCnet.com the ability to handle worldwide remittances from this global institution.

EOCnet.com has also formed a cross marketing alliance with PricewaterhouseCoopers. Pursuant to this arrangement, EOCnet.com will make available its client list to PWC for various e-commerce-consulting services and in turn PWC will offer the EOC solutions to their partners and various clients around the world. In addition, EOC clients will be able to log on to PWC web site where they will discover up-to-date tax and regulatory information for some 160 countries worldwide. Merchant OnLine (MRTO-NASDAQ OTC) is one of the first clients to experience the benefits of the EOCnet.com network.

"With our partners and our management team EOCnet.com is clearly positioned to provide offshore solutions for an online world," said Granger Whitelaw.

About EOCnet.com

EOCnet.com is an electronic commerce provider in Bermuda with special expertise in helping global companies maximize the benefits of an offshore corporate presence. Through its service offerings, EOCnet.com helps companies from around the world exchange critical business information and expand their presence via a virtual office in Bermuda, which provides cost savings and fiscal advantages. EOCnet.com, also known as eBS Ltd, exclusively benefits from recently enacted eBS Ltd. Act, 1999.