NEW YORK -- Cable & Wireless today officially launches its Bermuda offshore electronic platform at a press conference here in New York City.

Cable & Wireless' Bermuda general manager Eddie Saints in an interview yesterday said the Island was a major component of the company's global strategy online.

The company's new $1.6 million facility in Bermuda allows businesses to sell products via the Internet by providing a sophisticated and secure method of processing and validating on-line credit card transactions.

Cable & Wireless has five other regional e-commerce platforms in London, Washington, Sydney, Bahrain, and Hong Kong.

Mr. Saints said Bermuda is unique in the group in that it is targeted at Cable & Wireless' customers worldwide rather than being focused on a specific region.

"We positioned the facility in Bermuda because of the Island's legal, regulatory and tax environment,'' he said.

"We are using Bermuda as a hub for offshore business.'' The press conference is being held prior to the start of the three-day conference on e-commerce in the offshore world. The conference begins tomorrow.

The launch of the Bermuda facility was to be held on board a cruise ship which was damaged in an accident last month.

The launch was scaled down after the accident and shifted to the Paramount Hotel near Times Square. See Page 24 Launch: C&W Bermuda general manager Eddie Saints