A.B. Watley Hires Charles Schwab's 98 Manager of the Year
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A.B. Watley Hires Charles Schwab's 98 Manager of the Year NEW YORK--(BUSINESS WIRE)--September 16, 1999--A.B. Watley Group Inc. (NASDAQ: ABWG), a premier provider of trading services through its online brokerage firm A.B. Watley, Inc. (www.abwatley.com), announced today that Joe Phillips, Charles Schwab's Manager of the Year in 1998, has joined the firm as Vice President of Online Brokerage Services. In this capacity, Mr. Phillips' responsibilities will include the management of Client Services for A.B. Watley's active trader software-based service UltimateTrader(TM). Mr. Phillips joined A.B. Watley from Charles Schwab where he managed their Electronic Active Trader Division. His responsibilities included coordinating the firm's customer service and technical support for their most active and affluent clients. Mr. Phillips stated, "A.B. Watley provides the highest quality trading products and technology for the most active and sophisticated investors. I look forward to being part of the Company's growth and development during this exciting period." "Joe Phillips appointment clearly demonstrates our commitment to move UltimateTrader to the next level of superior customer service," said Steven Malin, Chairman and Chief Executive Officer of A.B. Watley Group Inc. "This is part of our ongoing effort to secure management that will enable the firm to continue on a path of accelerated and intelligent growth." A.B. Watley recently announced that John Coakley of Fleet Brokerage Corporation and Lisa Cullity of New York Life joined the Company. Mr. Malin added, "Joe is highly regarded in the online trading industry and his extensive experience will be invaluable. We are extremely pleased that he decided to join us." 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(TM) and WatleyTrader(TM), that provide real-time 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. --30--jrw/ny* CONTACT: Jane Portnoy or William Arnold CMA A.B. Watley 212.730.9400, ext. 204 212.422.1664, ext. 5825 janepcma-inc.com warnoldabwatley.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire
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