the saga continues - JB Oxford
Holdings to Acquire the Business of Stockwalk.com, Inc.
With its Third Acquisition, JB Oxford Gains 11,500 Accounts and $400 Million in Customer Assets
LOS ANGELES--(BUSINESS WIRE)--Feb. 11, 2002--JB Oxford Holdings, Inc. (Nasdaq:JBOH - news), which through its JB Oxford & Company subsidiary is a leading provider of discount brokerage services to clients nationwide, has signed a definitive agreement to purchase certain assets from Stockwalk.com, Inc., a subsidiary of Stockwalk Group, Inc. (Nasdaq:STOK - news). Under the terms of the transaction, JB Oxford & Co. will acquire approximately $400 million in customer assets and 11,500 customer accounts located throughout the United States. The consideration paid by JB Oxford in the transaction will be a combination of cash and stock. The Company expects to maintain a presence in Minneapolis, MN and will continue to look for acquisitions within the financial service industry. Stockwalk's Asian Division will be combined with JB Oxford's existing Asian Division.
``We look forward to providing Stockwalk clients with the excellent customer experience clients have come to expect from JB Oxford & Company,'' said JB Oxford President Jamie Lewis. ``Our recently redesigned website is second to none, and our practice of delivering one-to-one personal broker experience to our clients truly distinguishes us from other players in the discount brokerage industry.''
``We were seeking a buyer who would be able to provide the level of service that Stockwalk.com clients currently experience -- great online capabilities and personal service,'' said Randy Nitzsche, President of Stockwalk.com, Inc., the discount subsidiary of Stockwalk Group, Inc. ``We're confident that JB Oxford can deliver this experience to our clients.''
``With the purchase of Stockwalk.com, JB Oxford is continuing its strategy to expand through acquisitions,'' said JB Oxford Holdings Chairman and Chief Executive Officer C.L. Jarratt. ``Given JB Oxford's vertically integrated business model, transactions such as this represent a cost-effective way for us to maximize the economies of scale in the brokerage industry.''
The boards of directors of JB Oxford Holdings and Stockwalk.com, Inc., have approved the transaction, which is expected to close in the second quarter of 2002. The transaction is subject to the terms specified in the asset purchase agreement and other customary closing conditions.
JB Oxford Holdings, Inc. (Nasdaq:JBOH - news), through its JB Oxford & Company subsidiary, provides discount brokerage services with access to personal brokers, online trading and cash management. The company's one-stop financial destination at www.jboxford.com was developed to be the easiest, most complete way for consumers to manage their money. The site features online trading, robust stock screening and portfolio tracking tools as well as up-to-the-minute market commentary and research from the world's leading content providers. JB Oxford has branches in New York, Miami and Los Angeles.
This press release contains statements that are forward looking and comments on market conditions and outlook. Any number of events may occur which would affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, known and unknown risks, customer trading activity, changes in technology, shifts in competitive patterns, decisions with regard to products and services, changes in revenues and profits, and significant changes in the market environment. For a description of the foregoing and other factors, investors and others should refer to the company's filings with the SEC, including its annual report on Form 10-K for the year ended Dec. 31, 2000; its quarterly reports on Form 10-Q; and other periodic filings. JB Oxford undertakes no obligation to update the forward-looking statements contained herein to reflect changed events or circumstances after today's date.
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Contact:
JB Oxford & Company
Scott Monson (Media Inquiries), 310/385-2181
or
JB Oxford Investor Relations
Investor Inquiries, 310/385-2181
ir@jboc.com
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