The Gary Craft mystery is solved.....
E TRADE GROUP INC 92 9/16
E*OFFERING APPOINTS GARY R. CRAFT TO LEAD INVESTMENT RESEARCH SERVICES
4/15/99 8:08:21 AM
Launch of Web Site by E*TRADE Alliance Partner Represents Next Step in
Online Investment Banking
PALO ALTO, Calif., April 15 /PRNewswire/ -- E*TRADE Group, Inc. (Nasdaq: EGRP) today announced that E*OFFERING, a full-service online investment bank in which E*TRADE maintains a more than 20 percent equity ownership position, has appointed Gary R. Craft, CFA, to lead E*OFFERING's Investment Research Services. Craft comes to E*OFFERING from BancBoston Robertson Stephens, where he was a principal and senior analyst covering the electronic commerce and payment systems sector of the information services industry. Craft was one of the first analysts on Wall Street to identify electronic financial services as an attractive investment theme. He will continue to cover electronic financial services at E*OFFERING.
"Gary is recognized as a leading authority in the fast-moving and rapidly evolving world of electronic financial services," said Walter Cruttenden III, founder and president of E*OFFERING and former chief executive officer and president of Cruttenden Roth. "His expertise will be an important and distinguishing factor for E*OFFERING. We're very pleased to have Gary on board."
E*OFFERING today also goes live on the World Wide Web with the launch of its preview web site. Located at www.eoffering.com, the new E*OFFERING site is designed to provide individual and institutional investors with information about the financial products and services that are expected to be available through E*OFFERING. A full-featured E*OFFERING web site is scheduled for launch in June 1999.
"The Internet has created enormous opportunities to improve the process of issuing new securities and to level the playing field for a wide variety of investors," said Cruttenden. "E*OFFERING's mission is to leverage the Internet to promote the future of investment banking. With this business model, we plan to help companies reduce their time to market and to provide investors with greater access to public offering products."
Through its alliance with E*TRADE, E*OFFERING intends to distribute up to 50 percent of its public offerings to individual online investors, with preferred access going to E*TRADE customers.
About E*TRADE
A leading branded provider of online investing services, E*TRADE
has established a popular destination web site for self-directed
investors. The company offers independent investors the convenience
and control of automated stock, options and mutual funds order
placement at low commission rates. In addition, E*TRADE has a suite of
value-added products and services that can be personalized, including
portfolio tracking, real-time stock quotes, Smart Alerts, market
commentary and analysis, news, investor community areas and other
information services.
E*TRADE was the first securities and financial services company to be awarded the CPA WebTrust seal of assurance by the American Institute of Certified Public Accountants (AICPA). In the fourth quarter of 1998, the E*TRADE web site was named the No. 1 online investing site in a international survey of the industry's top 20 Internet brokerage firms by Lafferty Information and Research Group, a global provider of high-value and business information research. Investors can access E*TRADE at www.etrade.com on the Internet and through many other electronic channels and online services, including AOL (Keyword: E*TRADE) and via the TELE*MASTER interactive telephone system. E*TRADE Securities Inc. (Member NASD/SIPC), and its parent company, E*TRADE Group Inc., are headquartered in Palo Alto, Calif.
About E*OFFERING
Located in San Francisco and Newport Beach, Calif., E*OFFERING
Corp. is an online investment banking firm founded by Walter
Cruttenden, formerly of Cruttenden Roth. The company was founded in
December 1998, and funded in part by E*TRADE Group, Inc. and Sandy
Robertson, founder and former CEO of Robertson, Stephens & Co. in
February 1999. E*OFFERING's goal is to revolutionize the underwriting
business by reducing time to market and overall underwriting costs, and
by broadening distribution through Internet technology and the
company's relationship with E*TRADE.
E*TRADE is an investor in E*OFFERING and the two companies have
entered into a strategic relationship. The two companies are in all
other respects independent enterprises.
Important Notice
E*TRADE is a registered trademark of the Company. All other
Trademarks are properties of their respective owners. The statements
contained in this news release that are forward-looking are based on
current expectations that are subject to a number of uncertainties and
risks, and actual results may differ materially. The uncertainties and
risks include, but are not limited to, changes in market activity,
market acceptance of the new Destination E*TRADE web site, anticipated
increases in the rate of new customer acquisition, the conversion of
new visitors to the site to customers, seasonality, the development of
new products and services, the enhancement of existing products and
services, competitive pressures (including price competition), system
failures, economic and political conditions, changes in consumer
behavior and the introduction of competing products having
technological and/or other advantages. Further information about these
risks and uncertainties can be found in the information included in the
annual report filed by the Company with the SEC on Form 10-K (including
information under the caption "Risk Factors") and quarterly reports on
Form 10-Q.
SOURCE E*TRADE Group, Inc.
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