BTW Jack Burney who used to write all those mm manipulation articles was a contact person for the mob stock;
CONTACT: Asset Professional Services
Jack Burney, 713/729-5233
burney00@swbell.net
(COMTEX) B: Wamex Joint Venture Ponders New Name: ''Instox'' As ITS W
B: Wamex Joint Venture Ponders New Name: ''Instox'' As ITS Web Design Proceeds
NEW YORK, Apr 16, 2001 (BUSINESS WIRE) -- The joint venture which plans to
activate a new one-on-one trading site in 2001 using the ITS technology of Wamex
Holdings, Inc (OTC:WAMX) has been tentatively named "Instox, Inc." taking the
designation of Wamex subsidiary Instox, Inc.
The new name remains to be confirmed when legal documentation is completed and
signed, according to Sascha Mundstein, CEO of Wamex. The so-called "Instox"
joint venture, in the process of formation under the Nevis laws, and will be
owned 50% by Wamex, and 25% each by privately held partners CSCO, Ltd. and
Trat.Net, Ltd.
"The name adequately reflects the international, internet-based nature of the
future trading site," said Mundstein. "Wamex plans to dissolve or rename its
subsidiary to avoid name confusion."
A headquarters location is currently being considered for the prospective
"Instox, Inc." and the leading candidate to date is St. Maarten in the
Caribbean, according to development plans discussed recently by Mundstein and
David Lenertz, Managing Director of joint venture partner Trat.Net, Ltd.
"Instox" web and clearing interfaces are being designed by Trat.Net.
"In addition to the ITS-based direct, one-on-one trading capability, plans call
for the `Instox' web site to offer customers the ability to invest in publicly
listed stocks in leading markets around the world," Lenertz said. "We are
addressing head-on the existing logistics that have traditionally hindered
cross-border securities transactions."
Target date of beta testing of the web site: Mid-summer, with the Wamex Internet
Trading Technology to be incorporated later this year, according to Lenertz'
current estimates.
"The integration of our 24 hour, no-middleman, one-on-one trading system is
partially dependent on successful funding and regulatory procedures on St.
Maarten, where Instox plans to be headquartered," Mundstein said.
Planned features provided by Trat.Net, Ltd. and CSCO, Ltd. for the Instox system
include (1) competitive trading fees comparable with current online rates, (2)
execution times within seconds, and (3) extensive initial research services,
including analyst research from E-Research Corporation and Thomson's First Call.
Safe Harbor Statement: This release may contain certain forward looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities and Litigation Reform Act of 1995. Actual events or results may
differ from the Company's expectations.
CONTACT: Asset Professional Services
Jack Burney, 713/729-5233
burney00@swbell.net
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
-0-
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING
COMPUTERS/ELECTRONICS
INTERNET
SOFTWARE
PRODUCT |
