SE Global Announces Acquisition
OTCBB: SEGB
HOPKINS, MN, May 7 /PRNewswire-FirstCall/ - SE Global Equities Corp. (OTCBB:SEGB - news), a provider of electronic securities trading technology and financial resources for international investors, has signed a letter of intent to acquire all client accounts and certain other assets of a privately-owned registered broker-dealer ("broker-dealer") based in California. Under the terms of the agreement, certain senior management and staff of the broker- dealer will join SE Global's existing infrastructure in California and Asia.
According to the broker-dealer, it has approximately US$40 million (CAD$63 million) assets under management in about 4,000 accounts. For the fiscal year 2001, the broker-dealer reported transaction revenue of US$2.31 million (CAD$3.63 million). Established in 1997, the broker-dealer is registered in all 50 U.S. States as a General Securities Broker-Dealer and offers a wide range of securities and investment vehicles primarily to the Asian community in the U.S., Hong Kong and Taiwan.
"This strategic acquisition will expand our current client base significantly, increase our revenue and reduce our clearing and operating costs," said Toby Chu, SE Global president and chief executive officer. "Additionally, this transaction will accelerate our penetration of the Asian community, both domestically and abroad. The eventual migration of these accounts to our online and direct-access platforms is consistent with our niche market strategy of providing a full range of services to meet the needs of global investors. SE Global will continue to seek other acquisition opportunities, specializing in multiple ethnic markets, which serve as SE Global's springboard to overseas client acquisition."
This acquisition is subject to customary regulatory and closing conditions. Upon completion of the acquisition, further details will be released.
About SE Global Equities Corp
SE Global Equities Corp. is a provider of electronic securities technology and financial resources for international investors. SE Global provides online and direct-access trading software and market data through an international network of business alliances with 30 brokerage firms in 25 countries.
SE Global is not a securities dealer in its own right and has not sought such registration. All trade execution and support services are provided by the individual alliance broker in compliance with local regulatory requirements. Global-American Investments, Inc., a subsidiary of SE Global Equities Corp., is a U.S. licensed securities broker-dealer. Not all securities, products or services described are available in all countries, and nothing herein is an offer or solicitation of securities products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration.
For more information visit the company's website www.SEGlobal.com.
On Behalf of the Board of Directors
of SE Global Equities Corp.
"Toby Chu"
Toby Chu
President & C.E.O.
Investor Relations Contact: Mr. Quentin Mai, N. America Toll Free:
1-888-865-0901 Ext.312
Email: investor@SEGlobal.com
Legal Notice Regarding Forward-Looking Statements
Statements in this press release which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this release include but are not limited to references to benefits from the proposed acquisition of the broker-dealer. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the issuer. Factors that could cause actual results to differ materially include but are not limited to risks and uncertainties such as the length of time the proposed acquisition takes to complete and whether the client accounts acquired in the acquisition are retained by SE Global on a long-term basis.
Although the issuer believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Readers should refer to the risk disclosures outlined in SE Global's quarterly report on Form 10-QSB for the quarter ended September 30, 2001, filed with the Securities and Exchange Commission.
SOURCE: SE Global Equities Corp. |
