NEW YORK--(BUSINESS WIRE)--Oct. 20, 1999--
President of online brokerage firm to host conference call on
Wednesday, October 20th at 2:00 PM EST, on Vcall (www.vcall.com)
A.B. Watley Group Inc. (NASDAQ: ABWG) premier provider of trading
services through its online brokerage firm A.B. Watley, Inc. (www.abwatley.com)
today announced the creation of a strategic alliance with NordNet Securities.
(www.nordnet.nu) NordNet is the largest online broker in Sweden and also the
online subsidiary of Ohman Fondkommission (www.ohman.se), one of the largest
non-bank securities firm in Scandinavia.
Under the agreement A.B. Watley, Inc will provide NordNet customers the ability
to invest and trade in all US equities, equity options and mutual funds through
Watleys' systems. NordNet currently provides financial services in Sweden and
will soon expand into Norway, Denmark and Germany. In September 1999 NordNet
started up a subsidiary in Luxembourg; Eurotrade Securities (www.eurotrade.lu).
"This agreement is an important first step in our plans for International
expansion. NordNet is one of the most innovative and largest online trading
companies in Europe. We are extremely pleased to form this alliance and help
NordNet expand the range of its online trading services. We believe that
alliances such as this are an important part of our strategy to both increase
and
diversify our client and transaction base. Hence, we are aggressively pursuing a
number of other opportunities in Europe and Asia," said Harry Simpson, President
and Chief Operating Officer of A.B. Watley Group Inc.
"We have a highly affluent, informed and sophisticated client base," said Peter
Horwitz, CEO of NordNet Securities. "When looking for a partner to offer our
clients access to the US markets we needed the best trading services available,
we chose A.B. Watley. We believe that by offering our clients the ability to
trade U.S. securities, we are giving them a valuable opportunity to diversify
their assets and participate in the growth of the U.S. economy."
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, UltimateTrader (R) 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. A.B. Watley Group Inc's competitors include Etrade (NASDAQ: EGRP)
Charles
Schwab (NYSE: SCH) Ameritrade (NASDAQ: AMTD) and National Discount Brokers
(NYSE:
NDB)
ABOUT NORDNET SECURITIES
NordNet Securities started in 1996 and was one of the first players to enter the
Swedish market for trade in securities via the Internet. Today NordNet is the
largest Internet brokerage firm in Scandinavia with over 15,000 customers and 1%
marketshare of the daily turnover at the Stockholm Stock Exchange.
NordNet offer a service for trading stocks, options and funds through the
Internet. NordNet also offers, through the homepage www.nordnet.nu, different
kinds of financial information.
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.
Investors will have the opportunity to listen to the conference call over the
Internet through Investor Broadcast Networks' Vcall website, located at
vcall.com. To listen to the live call, please go to the web site at
least fifteen minutes early to register, download, and install any necessary
audio software. For those who cannot listen to the live broadcast, a replay will
be available shortly after the call and a transcript will be available 24 to 48
hours later.
===========================================
This service provided by CCBN.Com
Additional Information: ccbn.com
If you have received this message through an America Online (AOL) account
and the link above does not take you to the news article,
copy the text above (URL address) directly into your web browser's Address
line. If you are unfamiliar with how to Copy and Paste,
please refer to the help menu in AOL or your web browser. |
