Thursday March 30, 10:34 am Eastern Time
Company Press Release
Web Street Continues to Expand Its Click and Mortar Presence by Announcing New Financial Service Centers in San Francisco, Denver and Boston
--Prominent Locations Will Provide Educational Seminars, Information On World Financial Markets And Access To Web Street's Online Financial Services--
CHICAGO--(BUSINESS WIRE)--March 30, 2000-- Web Street Securities, Inc., an innovative and highly rated online brokerage firm and wholly owned subsidiary of Web Street, Inc. (NASDAQ: WEBS - news), today announced it has signed definitive leases for real estate in the financial districts of San Francisco, Boston and Denver, that will house its three new click and mortar financial service centers. The locations are among the most highly visible in these cities, including the historic glass and steel circular building at 532 Market Street in San Francisco, one of the most recognizable buildings on the west coast.
These new locations are part of Web Street's strategy to open financial service centers in major U.S. and international cities, and will complement its flagship click and mortar location in Beverly Hills, California. Different from typical brokerage firm locations, these financial service centers will provide educational seminars, access to information on financial markets around the world in a high tech environment, and tangible hands on demonstrations of the award winning services and products that Web Street provides to its online customers.
Joseph J. Fox, Chief Executive Officer of Web Street, commented, ``Although the Internet has revolutionized the way consumers buy and sell securities online, even the most impressive provider of customer service will confess it still remains a slightly impersonal experience. It is widely accepted that there is nothing better in the business world than a recognizable name and location, and a firm handshake. These financial service centers will provide that level of satisfaction, trust and comfort with an online brokerage firm that consumers are still looking for.'
The three locations, 532 Market Street in San Francisco, 60 State Street in Boston, and Denver's World Trade Center building on the 16th Street Mall, are the second wave of financial service centers in the United States, with ones to follow in New York and Chicago, and several to come internationally in Paris, Frankfurt and Hong Kong.
These international locations will educate investors about Web Street's Unified Global Brokerage Accounts, which currently provides online access to U.S. securities in Hong Kong, Europe and Latin America, with domestic access to these foreign markets to come in the near future.
Mr. Fox added, ``A year and a half ago we were the first pure online brokerage house to recognize the importance of a brick and mortar presence. By refining the Schwab (NYSE: SCH - news), model combining brick and mortar locations with online access, and only opening up locations in major financial centers, we are giving our online customers an added value service. Web Street is confident that this balance, and the name brand recognition and customer base it will give us, represents the path to success in the online brokerage industry.'
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. |
