EAST.. Merger announcement within the next 10 days. Currently at its 52 week low. Chart is in an upward trend!LLE, Md., Oct 8, 1999 /PRNewswire via COMTEX/ -- Eastbrokers International Incorporated (Nasdaq: EAST; Berlin and Frankfurt: ETB) announced today its acquisition target, Sutton Online, LLC, a Direct Access trading firm, has begun offering extended trading hours starting Monday, October 4, 1999. Customers can now trade online from 8:00 a.m. to 8:00 p.m. Sutton Online, LLC (http://www.suttononline.com), is an online trading firm that offers individual investors, money managers and hedge funds, trade executions, level II software & data, internet service and training for online investors. Sutton Online also provides brokerage firms the necessary tools to offer financial products via the Internet.
Sutton Online's announcement comes just days after DLJdirect, Fidelity, and Charles Schwab Corp. said they would offer service as early as November. Sutton Online offers its clients a direct link to The Island ECN, a computerized system that automatically matches buy and sell orders. "Active traders require extended trading hours, and we offer our clients direct access to The Island ECN, for its liquidity," said Gregory C. Frank, Sutton Online's President and Chief Operating Officer. "Due to our growing European and West Coast presence, we believe this is an instrumental step in providing our clients with enhanced access to liquid markets."
Sutton Online offers free software to execute trades on various ECN's regardless of trade activity and account size. For those clients that demand Level II quotes, Sutton Online will waive the monthly data fee for active accounts." Over 80% of our clients qualify for this program," said Frank. Sutton Online's customers now have the ability to enter a limit order -- orders that specify a price a customer is willing to buy or sell a stock for -- during the pre-open session from 8:00-9:15 a.m. eastern time and an after- close session from 4:15-8:00 p.m.
On July 20, Eastbrokers International Incorporated (Nasdaq:EAST) announced that it signed a letter of intent to purchase a majority interest in Sutton Online, LLC. The transaction is contingent, among other things, upon the approval by both Board of Directors, satisfactory completion of all due diligence, and the execution of a definitive purchase agreement. Eastbrokers International operates a highly diversified, international, investment banking and securities network. In Europe, Eastbrokers operates WMP Bank AG, an Austrian bank and brokerage company, in which the Company maintains a majority interest. The Company also operates other brokerages throughout Central and Eastern Europe. In the United States, the Company operates EBI Securities Corporation, an NASD member, full service, investment banking and brokerage firm with 20 offices. For further information about the company, please contact the US corporate headquarters at 704-643-8220 or by e-mail at info@eastbrokers.net
Certain information contained in this press release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties, including but not limited to the effect of political, technological, economic and market conditions both domestically and in Eastern and Central Europe and those referred to in the discussion of the risks and uncertainties set forth in the Eastbrokers International's Annual Report on Form 10-KSB for the fiscal year ended March 31, 1999, and in the Company's other reports filed pursuant to the Securities Exchange Act of 1934. Readers are cautioned not to place undue reliance on these forward looking statements, which are made as of the date hereof and the Company undertakes no obligation to release any revisions to the forward looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
SOURCE Eastbrokers International, Inc. |
