Eastbrokers International's Online Trading Division, Sutton
Online,Signs Contract With TradeCast to Act as Hub for TradeCast Customers
CHARLOTTE, N.C., Dec. 29 /PRNewswire/ -- Eastbrokers International
Incorporated (Nasdaq: EAST; Berlin and Frankfurt Exchanges: ETB) announced
today that its online trading division, Sutton Online, LLC, has entered into a
contract with Houston based TradeCast, a pioneer in the world of direct access
trading systems, in which Sutton Online (http://suttononline.com) would act as
a hub for TradeCast's customers trades.
Under the terms of the contract, Sutton Online will develop with TradeCast
a new "server farm" that will offer TradeCast's trading software to third
party brokerage firms that want to provide online trading to their customers.
The agreement provides that TradeCast will private-label its trading software
to Sutton Online. TradeCast will then route its customers orders directly to
all of the mainframe exchanges through Sutton Online's direct access lines.
"Our arrangement with TradeCast will help us penetrate foreign markets
quickly. We're going to be an international hub for TradeCast's software
programs," said Gregory Frank, President of Sutton Online. " With our global
presence, TradeCast's innovative product line and their plan to offer trading
software in multiple languages, we anticipate that this relationship with
TradeCast will generate significant trade volume for our firm."
Paul Mougel, Director of broker-dealer sales at TradeCast, said, "we're
going to be a redistributor for Sutton Online to service other brokerage firms
in domestic and international markets. This agreement will enable TradeCast to
offer low-cost online trading to current TradeCast customers and other
brokerages that want to provide online trading to their current clients but
can't afford the costly approach of creating their own electronic trading
infrastructure. Instead of having to pay to build this infrastructure, Sutton
Online will provide it." In addition, Mr. Mougel said, "in my opinion, Sutton
Online is installing some of the fastest lines to all of the major exchanges
in order to provide better service to customers who want to buy or sell a
stock through the TradeCast system."
On August 24, 1999, TradeCast announced that it sold a 40% minority
interest to Texas businessmen and brothers Sid R. and Lee M. Bass for $40
million. It is not surprising that this industry caught the eye of the Basses.
The Houston online brokerage firm is one of the nation's fast emerging online
brokerage firms. "We were also attracted to the sophistication of the
TradeCast product as well as the company's focus on the high-end trader," said
Sid Bass.
TradeCast began as a software development firm in 1996, creating products
for online trading. The company developed the first Windows-based trading
software to allow investors to Go Direct(tm) to the stock exchanges. The
TradeCast trading software is considered to be the most reliable trading
solution for active traders/investors because its proprietary software has
backup safety features not found with typical HTML Web-browser trading
systems. TradeCast is quickly becoming the nation's standard off-the-shelf
stock trading software (available at www.tradecast.com) as more and more
brokerage firms utilize TradeCast (available at www.tradecast-software.com).
Tradecast supplies remote investors and approximately 100 broker/dealers
nationwide real-time stock data solution, analysis and execution at speeds
unmatched in the industry. The company is also developing the first software
that will provide investors with global access to other major foreign stock
markets.
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 as well as 6 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, the JB Sutton Group, a
New York based investment banking and brokerage firm, as well as Sutton Online
LLC, an online trading firm. 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 Incorporated
-0- 12/29/1999
/CONTACT: Martin Sumichrast, Chairman & CEO of Eastbrokers International
Incorporated, 704-643-8220 or info@eastbrokers.net/
/Web site: ebna.com
suttononline.com
tradecast.com
tradecast-software.com |
