The man behind one of Bermuda's most acclaimed e-commerce ideas has said that the e-business he will now bring to the Island will dwarf anything that he has already done.

Chief Executive Officer of EBS Ltd, Lee Olsen, was the man who helped start-up the e-company on which Government based the Island's revolutionary e-commerce laws.

But at the end of last year he sold off the main bulk of the business after internal problems struck the core business.

Mr. Olsen said: "The new ideas I have that I will bring to Bermuda will dwarf anything that we have already done with EBS.'' On Tuesday The Royal Gazette revealed that EBS Ltd, which used the service name of EOCnet.com to trade under, had ceased trading and has sold most of its assets to OECommerce.com, a company set up and owned by communications giant Transworld.

These assets include not only the EOCnet.com Internet site, but also the ground breaking private act of incorporation by EBS which was passed by Parliament which allows the owner of the site to sell "virtual offices'' in Bermuda to businesses who can then take advantage of Bermuda's lack of corporate tax.

Mr. Olsen said about the sale of EOCnet.com for an undisclosed amount to OECommerce.com specially set up subsidiary of Transworld: "I was looking for the best solution for customers and Bermuda in the future. This is because of the ideas I have got to have to have that kind of infrastructure in place.

"I needed an infrastructure company so that we could add into it the follow-on business that I am about to bring to Bermuda. It is the only way to take it to the next level.

"The way to have the international exposure, international support and the systems put in place properly is to deal with a partner, a technology partner who I could depend on. That is why I chose Transworld.'' Mr. Olsen said he no longer had any involvement with EOCnet.com, but would not rule out working with them in the future.

"I am a consultant. I am considered one of the world's premium consultants in e-business and I speak to companies all over the world.

"And I have been approached by a number of companies from all over the world because of the success of EBS and EOCnet.com to come over and consult and give direction to these high profile companies.'' EBS is a holding company which is not trading right now, but he says he may use the name to start other businesses in the future.

Ten staff were laid off in September and EOCnet.com settled with its creditors at less than 100 cents in the dollar.

While several EBS staff have been taken on by Bermuda-based OECommerce.com Ltd, OECommerce.com has not assumed any of EOCnet.com's business agreements which include deals with Bank of Bermuda, Cable & Wireless and Sterling Commerce.

Many prominent Island businessmen hold shares in the company. The highest number of shares owned locally are held by Littlerock Trust, care of Bermudian Grenville Lines. Mr. Lines himself also holds 330,000 shares.

Sjur Linberg of architects Barker & Linberg has 28,983 shares, Peter Bubenzer of Appleby Spurling and Kempe has 7,970, Anthony Nagel a former officer with Bermuda Commercial Bank, 20,000 and Doug Selly a former officer of the Bermuda Monetary Authority who currently works at the Bank of Bermuda has 5,797.

Lee Olson