Lookit this friggin PR:"EASTBROKERS ANNOUNCES INTENT TO DEVELOP EBONLINEINC.COM 2/19/99 9:15 In Conjunction With Cyber Realm
ROCKVILLE, Md. Feb. 19 /PRNewswire/ -- Eastbrokers International
Incorporated (Nasdaq: EAST; Berlin and Frankfurt Stock Exchanges: ETB)
announced today that it has signed a letter of intent to pursue the
development of an international online business services subsidiary in
conjunction with Cyber Realm, an international Internet access and content
provider. The proposed name of the subsidiary is EBonlineinc.com. It is
anticipated that Cyber Realm will provide the necessary technological
expertise and will own a minority stake in EBonlineinc.com.
"Eastbrokers is excited about developing EBonlineinc.com into a virtual
business network that will enhance our existing lines of business. We feel
that in order to compete on a long term basis, we must have a presence on the
Internet. We intend to develop EBonlineinc.com with an international focus and
a long term view," said Martin A. Sumichrast, the Company's Chairman and Chief
Executive Officer.
Bruce Bertman, Chief Executive Officer of Cyber Realm said, "We believe
that EBonlineinc.com can generate additional revenue for Eastbrokers and its
subsidiaries worldwide. Specifically, we see development opportunities in the
areas of international mergers and acquisitions, as well as online trading for
international securities."
The Company cautioned that its plan to jointly develop EBonlineinc.com
with Cyber Realm is subject to the signing of a definitive agreement between
the Company and Cyber Realm. Furthermore, EBonlineinc.com is only in its
development phase and there can be no assurance that this subsidiary or the
Company's relationship with Cyber Realm will be successfully developed. The
Company also stated that it may have to obtain various regulatory approvals in
the development of EBonlineinc.com and that obtaining these approvals, among
other factors, could negatively impact the successful development of
EBonlineinc.com.
Eastbrokers International operates a highly diversified, international,
investment banking and securities network. In Europe, Eastbrokers operates WMP
Bank AG, an Austrian bank and brokerage company, in which the Company
maintains a majority interest. The Company also operates other brokerages
throughout Central and Eastern Europe. In the United States, the Company
operates EBI Securities Corporation, a NASD member, full service, investment
banking and brokerage firm with 20 offices. For further information about the
Company, please contact Martin A. Sumichrast at the U.S. corporate
headquarters at 301-527-1110 or by e-mail at info@Eastbrokers.net.
Cyber Realm is an international Internet services company specializing in
providing Internet access services to corporations, Internet service providers
and consumers over a nationwide Internet backbone consisting of over 950
points of presence throughout the United States. For further information about
Cyber Realm, please contact Bruce Bertman at 301-947-0100 or visit the Cyber
Realm Web site at www.cyberrealm.net.
Certain information contained in this press release includes forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and is subject to certain risks and uncertainties,
including but not limited to the effect of political, economic and market
conditions both domestically and in Eastern and Central Europe and those
referred to in the discussion of risks and uncertainties set forth in the
Company's Annual Report on Form 10-KSB and as amended for the fiscal year
ended March 31, 1998, and in the Company's other reports filed pursuant to the
Securities Exchange Act of 1934. Readers are cautioned not to place undue
reliance on these forward-looking statements, which are made as of the date
hereof and The Company undertakes no obligation to release any revisions to
the forward-looking statements to reflect events or circumstances after the
date hereof or to reflect unanticipated events or developments."
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