One of the pioneering e-commerce companies in Bermuda has stopped trading just months after it was officially launched. EBS Ltd, which traded under the name EOCnet.com, pulled the plug after failing to live up to the hype generated over its launch last year.
EBS Ltd began in March last year as an electronic brokering service, and appeared to have carved out a unique market niche after its EBS Limited Act (private bill) was passed by the Bermuda Parliament allowing it to set up an internet payment processing service in Bermuda for non-resident businesses.
This comprehensive Act formed a model for much of the e-commerce legislation that was later passed in Bermuda. The hype over EBS Ltd began last October when as EOCnet.com it began offering virtual 'e-suites' - a 'turnkey' offshore e-commerce solution that allowed web merchants to set-up a virtual holding company based in Bermuda over the internet.
Despite being praised as innovators by such prestigious publications as The Wall Street Journal, The Times, and The New York Times, EOCnet.com failed to attract enough business to recover its multi-million dollar outlays. Despite the failure of EBS Ltd, its legacy will remain in Bermuda. Although EBS Ltd and its EOCnet.com operations have been wound up, most of its assets have been sold to a recently formed Bermuda holding company called OECCommerce.com, including the rights to the EBS Limited Act.
Although no official announcement has been made yet, it is believed that OECCommerce.com will pick up where EBS Ltd left off and eventually begin trading under the EOCnet.com which it has also bought the rights to.
OECommerce.com was set up last December by Bermuda-registered e-commerce giant Transworld Network International, whose backing should ensure that a reinvented EOCnet.com will eventually be a success.
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