To: Dennis M.
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Jimmy
Sunday, Jan 24 1999 10:08PM ET
Reply # of 178
WIT CAPITAL ANNOUNCES STRATEGIC INVESTMENT FROM
Broadband Pioneer MediaOne(R) Group
First Online Investment Bank Continues to Receive Financing from
Industry Leaders
NEW YORK, Jan. 19 /PRNewswire/ -- Wit Capital, the pioneer online
investment bank, announced today that it has closed a strategic
investment from a division of MediaOne(R) Group (NYSE: UMG), one
of the world's largest broadband communications companies. Wit Capital
has secured the financing from MediaOne Interactive Services, Inc.,
which is dedicated to investing in unique Internet content and innovative
technology for broadband deployment.
The investment reflects Wit Capital's strategy of developing strong
relationships with leaders in technology and finance, and brings the total
amount of venture capital secured from September 1998 through
year-end to $21 million. This sum includes the investment from
MediaOne Interactive Services, previously announced investments from
Draper Fisher Jurvetson and Mitsubishi, and a number of undisclosed
investments from other venture capital firms and individual investors.
"This investment from MediaOne Interactive Services represents much
more than financial backing," commented Wit Capital president and COO
Ronald Readmond. "We believe that all of our business units, from
individual access to IPOs to our upcoming Digital Stock Market, will
benefit from the tremendous potential of broadband distribution. This
partnership allows us to continue to expand our reach through access to
MediaOne's fast-growing customer base."
"From the beginning, the Internet has been about empowering the
individual," said Tom Cullen, president of MediaOne Interactive
Services. "We are very excited about Wit Capital's efforts to democratize
Wall Street and look forward to offering their services to subscribers of
MediaOne Express, MediaOne's high-speed Internet access service."
MediaOne Interactive Services, the most active Internet investor among
its broadband peers, makes strategic minority investments with Internet
content, commerce and technology companies delivering sports, travel,
entertainment, family, business, education and other services. MediaOne
Interactive has invested in such leading content and commerce Web sites
as SportsLine USA, Preview Travel, Autobytel.com and Women.com, as
well as cutting edge companies like Quokka Sports, IPIX and Liquid
Audio.
The investment from MediaOne Interactive Services will go toward Wit
Capital's further expansion, including the addition of technology and
staff.
About Wit Capital
Wit Capital (www.witcapital.com) has distributed securities over the
Internet in over 40 major public offerings since it launched its investment
banking services in September 1997. The firm has now graduated to
acting as a co-manager, designated e-Manager(TM), in public offerings.
Wit Capital also has a strong private equity capacity and in the second
quarter of 1999 will launch the Web's first digital stock market -- through
which investors will be able to avoid spreads by buying and selling
Nasdaq and listed shares directly with other investors, even when the
traditional markets are closed.
The firm was founded by Andrew Klein in April of 1996, after he
completed the first ever online public stock offering for his
microbrewery, Spring Street Brewing Company. In April of 1998, former
vice chairman of Salomon Smith Barney, Robert Lessin, joined the firm
as chairman and CEO and in June of 1998 former vice chairman of
Charles Schwab, Ronald Readmond, was appointed president and COO.
Wit Capital is a registered broker-dealer and member of NASD and
SIPC.
About MediaOne Group
MediaOne Group (NYSE: UMG) is one of the world's largest broadband
communications companies, bringing the power of broadband and the
Internet to more than seven million customers in the United States,
Europe and Asia. The company also has interests in some of the
fastest-growing wireless communications businesses outside the U.S.,
serving more than three million customers. For 1997, the businesses now
part of MediaOne Group produced $6.6 billion in proportionate revenue.
SOURCE Wit Capital
-0- 01/19/99 /CONTACT: Curtis Hougland, curtis@middleberg.com, or
Sarah Clark, sarah@middleberg.com, both of Middleberg + Associates,
212-888-6610, for Wit Capital; or Colleen Miller of MediaOne
Interactive Services, 303-705-5152, or
cmiller@mediaone.com/
/Web site: witcapital.com (UMG)
CO: Wit Capital; MediaOne Interactive Services, Inc. ST: New York
IN: FIN MLM SU: JVN FNC |
