(COMTEX) B: Web Street Launches Online Trading Of U.S. Securities In
B: Web Street Launches Online Trading Of U.S. Securities In Hong Kong
Partnership With Leading Brokerage Sun Hung Kai & Co. Ltd. Of Hong
Kong Provides Customers Online Access To U.S. Securities Markets
CHICAGO, IL, Mar 22, 2000 (INTERNET WIRE via COMTEX) -- Web Street
Securities, Inc., an innovative and highly rated online brokerage firm
and wholly owned subsidiary of Web Street, Inc. (NASDAQ: WEBS), today
announced it has begun to provide investors in Hong Kong with online
access to U.S. securities markets, through a strategic alliance with
leading financial services firm Sun Hung Kai & Co. Ltd., and its online
unit SHKOnline Limited. Through this alliance, Hong Kong also becomes
Web Street's gateway into the financial markets of mainland China.
Starting today, Hong Kong residents and customers of SHKonline will
experience online access to the U.S. markets using such Web Street
innovations as real-time streaming quotes, pop-up order confirmations
and the exclusive Trading Pit which brings all these features together
on one page.
Joseph J. Fox, Chief Executive Officer of Web Street, commented, "The
future of the online brokerage industry is clearly one that is anchored
around the concept of convergence. This alliance brings to Hong Kong
all of the technology and service benefits that Web Street already
provides to its growing base of global customers. By uniting all of the
financial tools and offerings from our respective markets, Web Street
and Sung Hung Kai together are helping to empower the new generation of
educated investor in America and in Hong Kong."
This alliance with SHKOnline is only one aspect of Web Street's
aggressive international expansion strategy, aimed at providing the
best in financial products and services to both traditional and
emerging financial markets around the world. Web Street has already
introduced trading of U.S. securities to Europe through its existing
alliance with leading European online broker ConSors AG. These
alliances enable Web Street to capitalize on the growing brand names of
its partners, while significantly lowering customer acquisition costs.
In addition they accelerate Web Street's plans to offer its customers
full access to major international markets, through its Unified Global
Brokerage Accounts.
Douglas Chen, Chief Executive Officer of SHKOnline said, "The
partnership between Web Street and SHKOnline represents a very
important global cooperation in an industry that is rapidly expanding
worldwide. Both of us share the same global vision, and this
partnership marks the beginning of the two companies' plans to expand
to the entire Asia-Pacific region."
Mr. Fox added, "All of our international endeavors exist with a common
purpose of uniting the financial markets of the world, and bringing
them online to our customers' personal computers. Today's investors are
savvy, economical and above all, extremely knowledgeable about the
international securities markets. By providing all of our self directed
tools and technology advantages to these customers around the world,
Web Street is well positioned for the next era of global online
trading."
About Web Street Web Street, Inc., based in Chicago, Illinois provides
online brokerage services to individual investors in the United States,
Europe, Asia and Latin America, through its wholly-owned subsidiary,
Web Street Securities, Inc., which was founded in 1996. Web Street was
rated four stars by Barron's in 1998 and 1999, as well as ranked as one
of the top 3 online brokers in March 1998 and March 1999 by SmartMoney.
Web Street offers 24 hours a day customer service, low-price
commissions, and real time account information via multiple channels ?
online, touch- tone telephone, person-to-person via telephone, and
face-to-face onsite through its existing and future brick-and-mortar
branches. For more information on the Company's products and services,
visit us at www.webstreet.com or call us at 1-800-WEBTRADE.
This news release includes forward-looking statements that reflect Web
Street's current expectations about its future results, performance,
prospects and opportunities. Web Street has tried to identify these
forward-looking statements by using words such as "may," "will,"
"expect," "anticipate," "believe ," "intend," "goal," and "estimate"
and similar expressions. These forward-looking statements are based on
information currently available to Web Street and are subject to a
number of risks, uncertainties and other factors that could cause Web
Street's actual results, performance, prospects or opportunities in
2000 and beyond to differ materially from those expressed in, or
implied by, these forward-looking statements. These risks,
uncertainties and other factors include, without limitation, Web
Street's ability to establish and maintain international relationships
and relationships with content providers, intense price and other
competition among companies providing online financial services, Web
Street's ability to successfully implement self-clearing operations,
Web Street's ability to develop and enhance its services and products,
risk of system failures, and existing and future regulations affecting
the online brokerage industry or the Internet generally. For further
information about these and other risks, uncertainties and factors,
please review the disclosure included under the caption "Risk Factors"
in Web Street's Prospectus dated November 17, 1999, as filed with the
Securities and Exchange Commission. Except as required by the federal
securities laws, Web Street undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events, changed circumstances or any other reason
after the date of this news release.
Copyright 2000 Internet Wire, All rights reserved.
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CONTACT: Adam Sohn or Blake Eastman
Media Relations
The Terpin Group
212-697-7977
Cheryl Schneider or Hulus Alpay
Investor Relations
Morgen-Walke Associates
212-850-5600
David Nugent or Ellen Paz
Press Information
Morgen-Walke Associates
212-850-5600
Joseph A. Barr
Chief Financial Officer
Web Street Securities, Inc.
847-444-4700
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