IRVINE, Cal. and HARTFORD, Conn., Dec. 6, 2000—TexWorld.Com and First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have formed an alliance to offer online financing to companies in the textile industry via TexWorld.Com, the world’s most comprehensive, online textile business exchange. First International has agreed to make commercial and international credit products available online – up to US $5 million per transaction – to buyers and sellers of raw materials, products and machinery.

First International will integrate these online financing options with the TexWorld.Com platform using ThruCredit®, the bank’s technological solution for financing industrial transactions via the Internet. Exchange participants will be able to choose among 14 credit products comprising First International’s e-CreditMenu(sm) to settle transactions and to meet their other business borrowing needs. Products in the e-CreditMenu range from basic payment guarantees, working capital lines, equipment loans and industrial mortgages, to sophisticated international trade, barter and energy financing programs.

Krish Chinnaswamy, CEO of TexWorld.Com, stated, "First International has an outstanding record in financing textile manufacturers in the U.S. and overseas. These capabilities smartly complement our goals at TexWorld.Com – to reduce the barriers of time and distance for textile buyers and sellers with our global, online sourcing solution."

First International will underwrite loans and other facilities appearing in the e-CreditMenu in accordance with Riscope(sm), the bank’s proprietary commercial credit scoring system. Riscope applies to most types of industrial companies worldwide and facilitates
an efficient and rapid credit approval process.

Brett N. Silvers, the bank’s chairman and CEO, stated, "First International is pleased to unite with TexWorld.Com in the effort to streamline routine purchase and sales transactions for textile manufacturers throughout the industry supply chain. We have both established Internet-based services that open a world of opportunities where new-found efficiency can energize growth and improve profitability."

First International Bank has achieved acclaim for its commercial and international trade financing abilities. The U.S. Department of Commerce recently honored the company with the President’s "E" Award for Export Service for promoting U.S. exports and economic interests abroad. For four straight years, the company has been the world’s number one underwriter of loans supported by the U.S. Export-Import Bank based on number of transactions – closing more than 100 loans each year.

Likewise, First International’s e-business strategy has been spotlighted in publications such as Forbes, InfoWorld and InformationWeek. The company has 16 active alliances with industrial e-marketplaces where participants gain direct access to its online financing.

TexWorld.Com (www.TexWorld.Com) is a unique Global Sourcing and Marketing Solution set to revolutionize the half-a-trillion dollar textile and apparel industry. Savvy buyers and sellers are saving time and money by adopting TexWorld.Com as their International Web-office. The growing TexWorld.Community has more than eight thousand registered business members spread across 54 countries. Currently, TexWorld.Com has more than 60 employees in its offices in the U.S. and Asia. The company is backed by the venture capital arm of ING Barings of the Netherlands. Recently, TexWorld.Com has been the subject of a Microsoft case study for implementing a state-of-the-art solution aligning with their .NET strategy.

First International Bank (www.upscapital.com) – a world leader in the use of SBA, USDA and Export-Import Bank loans – provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide, including offices coast-to-coast in the U.S. and international representatives located in the Americas, Asia, Africa, the Middle East and Central Europe. In 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.

MEDIA CONTACT:

TexWorld.Com
Harish Murthy
(949) 727-0406
harish@texworld.com

First International Bank
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com