First
Ecom.com Inc. & Gasco Energy Announce Merger Talks
- New Company will have Significantly Increased Market
Capitalization and Create Greater Shareholder Value
Denver,
Colorado - May 4, 2001 - Gasco Energy, Inc. (OTC
BB: GASE), a company that acquires and explores petroleum
and natural gas properties in the United States today
announced that it had entered into a memorandum of
understanding with First Ecom.com, Inc. (NASDAQ: FECC,
BSX: FECC, FECC BH), a global provider of electronic
payment processing solutions, concerning a proposed
merger of the companies.
The
intended results of the merger, should the transactions
proposed in the MOU be completed, will result in First
Ecom owning all of the outstanding shares of Gasco
so that Gasco is wholly owned by First Ecom. As part
of the proposed transaction, First Ecom would transfer
all of its e-commerce assets to a separate company
and distribute all of its holdings in this company
to First Ecom's shareholders of record as of a date
to be determined. At the conclusion the transactions,
the survivor of the First Ecom - Gasco merger would
have no interest in the new e-commerce company; the
former shareholders of Gasco would own a majority
of the merged company's shares; and the name of the
merged company would be changed to a name that better
reflects the business of exploring for and developing
natural gas resources. The current shareholders of
First Ecom would have shares in both the merged company
and the new e-commerce company.
Consummation
of the transactions outlined in the MOU are subject
to the completion of satisfactory due diligence investigations
by both First Ecom and Gasco, negotiating and executing
a definitive agreement, and obtaining the necessary
corporate and regulatory approvals.
"This
merger could present Gasco with an opportunity to
immediately increase its market capitalization, obtain
a listing on the NASDAQ market and increase shareholder
value" said Mark Erickson, president of Gasco
Energy. "In addition, if completed, this merger
will provide us with the resources to pursue our objectives
of developing our existing properties within the highly
active Uinta Basin of the Rocky Mountain area as well
as pursue new acquisitions that compliment the company's
growth strategy."
About
First Ecom.com
As a global provider of electronic payment processing,
First Ecom.com provides secure, easy-to-implement
and low-cost online payment processing services to
banks and their merchants worldwide. Through strategic
partnerships with banks, ISPs, e-commerce product
suppliers, system integrators and storefront solution
providers, First Ecom.com will process credit card
transactions made over the Internet in multiple currencies,
either domestically or offshore in a tax-neutral jurisdiction.
For
more information, visit http://www.firstecom.com or
contact First Ecom.com at +(852) 2801-5181 or by e-mail
at info@firstecom.com.
About Gasco Energy
Gasco Energy, Inc. is a US company trading on the
NASD-OTC BB under the symbol GASE. Gasco Energy acquires
and explores petroleum and natural gas properties
in the United States. The Company currently holds
interests in properties located in the Uinta region
of northeastern Utah which are being developed pursuant
to an agreement with Phillips Petroleum, as well as
properties in California and the Rocky Mountain region.
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