NEW YORK, February 21, 2001––ThreadeXchange (www.threadexchange.com) and First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have formed an alliance to offer online financing to ThreadeXchange’s users. Under the agreement, First International will offer commercial and international credit products, up to $5 million per transaction. ThreadeXchange is a full-service Global Sourcing Solution™ that provides secure, online transactions for the apparel industry.

ThreadeXchange and First International will integrate these online financing options using ThruCredit®, the bank’s technological solution for financing industrial transactions via the Internet. Buyers and sellers will be able to settle transactions and meet their other business credit needs via the ThreadeXchange platform by choosing from a full range of credit solutions comprising First International’s e-CreditMenu(sm). Products in the e-CreditMenu include basic payment guarantees, working capital lines, equipment loans, industrial mortgages, and sophisticated international trade, barter and energy financing programs.

"This alliance with a forward-thinking financial institution like First International Bank is just another step in executing our vision as the leading Vertical Services Provider in the apparel industry," said Scott Corzine, ThreadeXchange’s vice chairman and CEO. "We believe that both our buy-side and sell-side customer will benefit greatly from First International’s financial offerings," added Corzine.

"First International Bank is well positioned to enhance global buying and selling activity for ThreadeXchange," said Brett N. Silvers, First International’s chairman and CEO. "Our status in government-guaranteed lending programs will greatly support ThreadeXchange’s stated goal to streamline and expedite the textile supply chain," noted Silvers.

Success as a government-guaranteed lender has gained First International Bank worldwide recognition. The company is the number one user of loans guaranteed by the Export-Import Bank of the United States – for the fourth year in a row. The company is also a leading SBA and USDA lender, and has obtained backing from the governments of Mexico and Canada on international finance transactions.

The ThreadeXchange agreement represents First International’s 20^th alliance with an online industrial marketplace.

ThreadeXchange (www.threadexchange.com) is the first Vertical Service Provider for the $375 billion global apparel market.  Leveraging over 500 years of industry expertise, ThreadeXchange was developed to offer a secure end-to-end technology-driven sourcing solution for the apparel industry. The company provides a way to minimize supply chain "pain points" by giving apparel industry buyers and sellers the essential tools, services and information they need. ThreadeXchange streamlines the sourcing process by accessing a massive global factory network, overseeing quality assurance and human rights conditions at the factory level and providing 100% visibility throughout the production and logistics processes. As a result, ThreadeXchange customers receive higher quality goods in less time and at a greatly reduced cost. Headquartered in New York, NY, the company has received initial funding from Redleaf Group and Garage.com.

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, including 95 experienced lenders, at 15 offices coast-to-coast in the U.S. and international representatives at 14 locations worldwide in the Americas, Asia, Africa, the Middle East and Central Europe. In 2000, the company originated more than $500 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.3 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:

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

ThreadeXchange
Joan Rosenstock
VP, Marketing
(212) 302-1001
jrosenstock@threadexchange.com