Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Wit Capital Group Inc - (Nasdaq - WITC) -- Ignore unavailable to you. Want to Upgrade?

To: Kumar Nathan who wrote (714)	7/21/1999 11:22:00 AM
From: Mohan Marette	Respond to of 845

WIT CAPITAL SAYS TO SET UP JAPANESE INTERNET INVESTMENT BANKING FIRM Wednesday, July 21, 1999 10:27 AM Thanks Kumar,excellent news,now let's wait for the details.

To: Kumar Nathan who wrote (714)	7/21/1999 11:51:00 AM
From: Mohan Marette	Respond to of 845

Wit Capital Forms Japanese Internet Investment Bank With Mitsubishi Corporation and Trans Cosmos Kumar: Here is the details,looking good.Now we need a few more of these announcements then we should be in good shape is what I am thinking. =================== Joint Venture Aims to Transform Capital Formation in Japan TOKYO and NEW YORK--(BUSINESS WIRE)--July 21, 1999--WIT CAPITAL GROUP, INC. (NASDAQ: WITC - news) today announced that it will establish a Japanese Internet investment banking firm, to be known as Wit Capital Japan, with Mitsubishi Corporation and Trans Cosmos Inc. as initial joint venture partners. The Company will be based in Tokyo and plans to be incorporated within thirty days. Start of operations is targeted in early 2000. Using the Internet and the World Wide Web, Wit Capital Japan will offer Japanese investors opportunities to invest in public offerings and venture capital funds of Japanese companies. It also plans to provide advisory services to companies developing Internet businesses, including US-based companies seeking to create Japanese joint ventures. Wit Capital Japan will also offer online brokerage services to individual investors in Japan. Under the terms of the agreement, Mitsubishi Corporation and Trans Cosmos will capitalize Wit Capital Japan with $8.6 million in a first round of financing. Wit Capital Group Inc. will contribute intellectual capital and play an active role in the management of the new company. Wit Capital will own 60 percent of the outstanding equity after the initial financing, as well as an option to increase its ownership. Wit Capital is continuing discussions with potential strategic partners, including the Nikko Securities Co., Ltd., and plans to invite one or more additional companies to participate in the joint venture within six months. Mitsubishi Corporation is one of the largest corporations in the world and has recently announced a broad strategy for developing financial services businesses to complement its traditional trading businesses. The company was an early venture capital investor in Wit Capital Group, Inc. and has worked for nearly twelve months developing plans for Wit Capital Japan. Trans Cosmos, also a Tokyo-based public company, has IT outsourcing operations and is highly focused on the Internet market worldwide. Both companies are making substantial investments in Internet businesses in Japan and in the United States. ''We are honored to join two progressive Japanese firms in this effort to help transform the Japanese financial landscape,'' said Wit Capital Group, Inc. founder Andrew Klein. ''We recognize numerous challenges in our ambitious attempt to change the capital raising process in Japan. Access to capital there has been constrained by many conventions and has centered around the largest domestic securities firms. Most individual investors haven't significantly been drawn to stock ownership or Internet usage. ''The shift from an analog to digital economy, however, is a global phenomenon,'' Mr. Klein continued, ''and will require new capital and new ways of raising it as businesses compete to build brands and infrastructure. With our strong presence in the US Internet community, our successful track record in gaining regulatory and industry acceptance of online capital raising, we believe Wit Capital is well positioned to add an exciting new dimension to the Japanese capital markets.'' ''Recent government policy statements suggest there will be strong support for efforts to develop new capital raising opportunities for Japanese growth companies,'' said Mr. Yorihiko Kojima, Managing Director of Mitsubishi Corporation's merchant banking group. ''We are delighted to join the experienced team of Wit Capital to provide opportunities to expand Japanese businesses and we expect other strategic Japanese investors will join our venture. The Japanese economy in general and our trading businesses in particular will benefit from the changes now underway in the Japanese capital markets.'' ''The e-commerce market in Japan will dramatically grow within the coming two years, particularly in the financial sector where Wit Capital has its core focus. We are really looking forward to working with Wit Capital to accelerate the Internet capital raising business in Japan,'' said Koji Funatsu, senior vice president of Trans Cosmos. Tokyo-based Global Alliance Ltd. Initiated and arranged the transactions announced today..... biz.yahoo.com