brokers and online firms are right now out of favor, but i like the recent chinese portal deal and the new mgmt abwg recently brought in. given abwg growth and market cap of under 70 million, either the price will move up or some broker who wants to get in on the online part will gobble up abwg because it will be cheaper than starting their own onlin from scratch.
A.B. Watley Attracts Executives From Quick & Reilly and New York Life
NEW YORK, Sep 3, 1999 (BUSINESS WIRE) -- A.B. Watley Group Inc.
(NASDAQ: ABWG) premier provider of trading services through its online
brokerage firm A.B. Watley, Inc. (www.abwatley.com) announced today
that John Coakley of Quick & Reilly and Lisa Cullity of New York Life
have joined the Company, as Vice President of Customer Service and as
Vice President of Sales and Marketing respectively.
Steven Malin, Chairman and CEO of A.B. Watley Group Inc., commented,
"Attracting and securing the highest quality staff in the industry is a
major priority. I am delighted that John and Lisa have decided to join
A.B Watley, they are both highly experienced professionals who will be
extremely valuable as we continue to grow our business and realize our
enormous potential."
Mr. Coakley, with twelve years of brokerage experience, joined the firm
to ensure that the tremendous growth in the Web-based WatleyTrader(TM)
and the software-based UltimateTrader(TM) continues with the highest
level of Customer service as possible. "A.B. Watley is well recognized
in the Industry for providing the highest quality trading services,"
said Mr.Coakley. "I am very excited about the opportunity to join such
an innovative company."
Ms. Cullity, formerly New York Life's National Marketing and Sales Desk
Director, has come on board to coordinate the firm's Sales and
Marketing efforts and to sustain the most efficient media buying and
cost effective client procurement as possible. Ms. Cullity has an
extensive background in marketing and sales and held key positions at
Citibank and Chase. "I am an admirer of A.B. Watley's pioneering
culture," said Ms. Cullity. "I look forward to ensuring that we enjoy
the highest possible returns on the marketing of our exceptional
products and services."
Mr. Malin continued, "As the leader in providing premier services to
the most active segment of the online trading community, we continue to
attract the best and the brightest in our industry. The addition of
these two senior managers is the continuation of an ongoing aggressive
hiring phase that will enable A.B. Watley to continue on its path of
accelerated and intelligent growth."
ABOUT A.B. WATLEY GROUP INC.
A.B. Watley Group Inc. is the parent Company of A.B. Watley, Inc., a
multifaceted, technological and service-oriented brokerage firm
offering two proprietary online trading systems, Ultimate Trader(TM)
and WatleyTrader(TM), that provide realtime data feed and instantaneous
execution for the most active segment of the online trading community.
The A.B. Watley, Inc. Institutional Sales and Trading Division
specializes in the execution of complex and sensitive large-block
equity transactions for institutions, major investment managers,
insurance companies, banks, and high net worth individuals. Under its
former name, Internet Financial Services Inc., the Company completed
its initial public offering of 2,300,000 shares of common stock on
April 20, 1999. Its recent third quarter earnings reported a revenue
growth of 148% and a 317% increase in trade volume.
SAFE HARBOR STATEMENT
Certain statements contained herein, including statements regarding
the development of services and markets and future demand for services
and other statements regarding matters that are not historical facts,
are forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995). Any number of conditions may occur
which would materially affect important factors in this analysis and
materially change expectations. These factors include, but are not
limited to, customer trading activity, loss of one or more significant
customers, change in technology, shifts in competitive patterns,
ability to manage growth effectively, risks associated with
acquisitions including integration risks, risks associated with
strategic partnerships, various project-associated risks, substantial
competition, general economic conditions, risks associated with
intellectual property rights, risks associated with international
operations and other risk factors listed from time to time in the A.B.
Watley Group Inc.'s filings and reports with the Securities and
Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
CONTACT: A.B. Watley Group Inc., New York
William Arnold
212/422-1664 ex 5825
warnold@abwatley.com
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK
INDUSTRY CODE: BANKING
INTERACTIVE/MULTIMEDIA/INTERNET
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