E-Carbon and First International Bank Strike Deal To Finance Bulk Carbon Industry Transactions Online

Buyers And Sellers of Coal and Coke To Mine For Loans And Leases
Up To $5 Million Per Transaction

DOVER, Mass. and HARTFORD, Conn., Jan. 2, 2001—e-CARBON 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 bulk carbon industry. First International has agreed to make commercial and international credit products available online, via the e-CARBON.com marketplace – up to US $5 million per transaction – to buyers and sellers of coal, petroleum coke and metallurgical coke.

First International will integrate these online financing options with the e-CARBON platform using ThruCredit(sm), the bank’s technological solution for financing industrial transactions via the Internet. Exchange members 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.

e-CARBON’s president, David Sorensen, stated, "First International’s comprehensive suite of credit products directly satisfies e-CARBON’s interest in streamlining transactions between commercial partners in the carbon industry."

Both companies offer services to carbon buyers and sellers to enhance and globalize their corporate presence. Brett N. Silvers, the bank’s chairman and CEO, noted, "First International is very pleased to join forces with e-CARBON, as part of our continuing commitment to finance small and medium size industrial companies at all stages, competing in the global marketplace."

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

First International uses loan guarantee programs made available by three federal agencies to back many of its loans: the Export-Import Bank of the United States, the U.S. Department of Agriculture and the U.S. Small Business Administration. Its success in government guaranteed lending has given the company worldwide prominence. First International has ranked first as Ex-Im Bank’s largest lender for four straight years based on number of transactions – closing more than 100 loans each year.

The company also gained the attention of the U.S. Department of Commerce – which in May 2000 awarded the company with the President’s "E" Award for Export Service for promoting U.S. exports and economic interests abroad.

Likewise, First International’s e-business strategy has been spotlighted in publications such as Forbes, InfoWorld and InformationWeek. The company now has 18 strategic alliance agreements with industrial e-marketplaces where participants have direct access to its online financing.

e-CARBON (www.e-carbon.com) is an online industrial marketplace that offers the most efficient way to buy and sell bulk carbon, especially on a spot basis. The e-CARBON Exchange also offers industry news, online financial tools, links to supplier web sites, and other industry resources. e-CARBON is a division of Dover Resources Inc. of Massachusetts, USA, and is independently owned and operated.

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:

e-CARBON
David Sorensen
(508) 785-0273
info@e-carbon.com

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