Beacon Light Announces Entrance Into the Internet Stock Exchange
( Business Wire )
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( BW)(NJ-BEACON-LIGHT-HOLDING)(BLHG) Beacon Light Announces Entrance
Into the Internet Stock Exchange
Business Editors
JERSEY CITY, N.J.--(BUSINESS WIRE)--May 28, 1999--Jerry
Gruenbaum, President of Beacon Light Holding Corporation (OTC BB:
BLHG) announced today that the company has acquired a 25.38% voting
interest in Niphix Systems Inc., (Niphix), which includes Niphix
Investments, Inc. As part of its ownership interest in Niphix, BLHG
will have exclusive total control and 100% ownership of the Niphix
International Division Inc., the International marketing arm of
Niphix. The acquisition requires the issuance of 8,000,000 shares of
restricted common stock of BLHG and an agreement to pay five million
dollars ($5,000,000) in cash.
Niphix, a privately held company, is the first Internet based
direct stock market other than the existing stock exchanges, i.e.,
NASD, NYSE, AMEX and the Regionals that is able to directly offer and
sell securities in the United States. All other Internet-based stock
traders including E*Trade Group, Inc. (NASDAQ: EGRP), Charles Swabb
Corp., (NYSE: SCH) and Donaldson Lufkin Jenrette's (NYSE: DIR) online
brokerage DLJdirect, who are licensed brokerages must sell their
securities through the existing stock exchanges. Niphix primarily
focuses on small developing growth companies, new technology companies
and foreign companies all of whom may potentially move up to the more
established exchanges in the future.
Starting as of July 1, 1999, due to recently passed regulations,
as many as 6,000 companies may be removed from the Over-the-Counter
Bulletin Board. At the same time, the NASD has increased the
requirements for companies to remain or become listed with NASDAQ.
Many of these companies who either cannot meet or afford the stringent
reporting requirements or meet the increased requirements, will have
no other alternative but to either become non-listed companies and
therefore have no liquidity for their shareholders or get listed with
Niphix Systems.
NIPHIX is designed for small companies to conduct initial public
offerings as well as enable shareholders whom own securities to find
liquidity for their investments on the Internet, No other company in
the United States can legally offer these services other the existing
stock exchanges. Niphix is unique in that the shareholders can execute
their trades directly on the Internet without the use of
broker/dealers, and market makers. It is distinctive in that it allows
no shorts, no spreads, no margin trading and requires full disclosure
on the companies. It is further unique in that it is designed to
provide its service 24 hours a day, around the clock and around the
world.
Niphix trading system is the equivalent to the NASD's level 3
system. That is the system available currently to the NASD market
makers. Niphix provides this service to everyone.
Niphix has received recently extensive publicity and press
coverage around the world. It is located in Peoria, Illinois but is
moving its offices to Indianapolis, Indiana. Its brokerage operations
are located in Boston, Massachusetts and its Clearing operations are
conducted on the West Coast. Its international operations are to be
located in BLHG world headquarters. The Company has signed a
preliminary intent for an office space on the 89th floor of One World
Trade Center, in the financial district of New York City. Niphix has
executed agreements for Niphix Germany, Canada and India to bring
international companies public on Niphix. Niphix maintains its own web
site at www.niphix.com and is discussed currently in the June issue of
Bloomberg Personal Finance beginning on page 49.
Per its agreement with Standard & Poors (S & P), all companies
listed with Niphix are also to be covered by S & P. S & P will provide
research reports which investors can use to rate the companies listed
on Niphix. An added benefit to Niphix and companies who are listed on
the Niphix System is that many states in the United States recognize S
& P listings, as a credible research report.
To be listed on Niphix, the company must agree to full
disclosure, including quarterly and annual audited reports using GAAP
accounting (Generally Accepted Accounting Principles) as opposed to
the more stringent requirements under FASB. (Financial Accounting
Standards Board). Foreign companies are permitted to use audited
statements prepared by foreign auditors and in accordance with their
own accounting standards. Copies of all news releases must be provided
to Niphix and available to all investors. The companies must be listed
through Niphix with Standard & Poors.
Beacon Light has been in contact with foreign companies who are
very eager to negotiate with Niphix International for exclusivity in
their respective countries. Rough estimation at this time, indicates
that more than ten new countries with the potential for more than 500
new companies to be listed through Niphix International on Niphix.
Safe Harbor Disclosure
This Press Release contains or incorporates by reference
"forward-looking statements," including certain information with
respect to plans and strategies of Beacon Light Holding Corporation,
Niphix Systems, Inc. and Niphix International Division, Inc. For
this purpose, any statements contained herein or incorporated herein
by reference that are not statements of historical facts may be deemed
to be forward-looking statements. Without limiting the forgoing, the
words "believes," "anticipates," "plans," "expects," "enhanced" and
similar expressions are intended to identify forward-looking
statements. There are a number of important factors that could cause
actual events or actual results of Beacon to differ materially from
these indicated by such forward-looking statements.
For further information about Beacon Light, please contact Jerry
Gruenbaum at 201/876-5077
--30--flb/ny*
CONTACT: Beacon Light Holding Corporation, Jersey City
Jerry Gruenbaum, President
201/876-5077
blhcorp@aol.com
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: CHEMICALS/PLASTICS
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