September 30, 1998 01:59 PM
ARDSLEY, N.Y.--(BUSINESS WIRE)--Sept. 30, 1998--Financial Intranet, Inc. announced today that its plans to acquire International Data Broadcasting Corporation (IDB) have changed.
After conducting thorough due diligence on IDB's existing business and current status in the paging market, FNTN is instead negotiating a marketing agreement with the Brandon, FL. based quote-alert service. Upon completion, the marketing agreement will allow FNTN to actively market and sell the IDB WatchDog product through its sales force, Intranet and Internet Web Site.
Michael Sheppard, President and Chief Operating Officer of FNTN, said, "Our initial interest in IDB was fueled by our efforts to continuously offer Broker/Dealers new technology and products. By not purchasing IDB outright, we are able to accomplish this initial objective while continuing to look at other appropriate acquisition opportunities."
Financial Intranet, Inc. has established the nation's first proprietary, secured, on-demand data and video financial information network that links the brokerage and mutual fund industries together and connects both to the individual investor.
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