NEW YORK--(BUSINESS WIRE)--March 10, 2000--
- March transactions average 8,677 per day. Online commissions
exceed $200,000 per day.
- February transactions averaged 7,084 an increase of 18% as
compared to the average daily volume of 6,016 during January.
- February customer assets grow 30.3% as compared to the end of
January.
A.B. Watley Group Inc. (NASDAQ: ABWG.B), premier provider of online
and institutional trading services through its brokerage firm A.B.
Watley, Inc. (www.abwatley.com), today announced that the Company
continues to experience record growth ahead of its television
advertising campaign. The television ads, which target the more
sophisticated investor, are set to go on the air the week of March
20th on CNBC and CNN.
Company highlights for the month include:
- The Company experienced account growth in February of 14% as
compared to January, with total customer funded accounts growing
to 6,778. This number represents a 300% increase as compared to
February 1999. The breakout of accounts on the companies two
distinctive trading platforms is as follows:
- 4,427 accounts using UltimateTraders(R), an increase of
17.5% as compared to January and 258% to February 1999.
- 2,351 accounts using WatleyTraders(TM), an increase of
7.4% as compared to January and 410% to February 1999.
- A.B. Watley average daily transactions increased to 7,084, an 18%
increase as compared to January and 242% to February 1999.
- Total customer assets grew 30.3% to approximately $424.0 million
as compared to the January month end and 299.5% compared to
February 1999. The average account balances for the Company's two
distinct trading platforms, UltimateTrader and WatleyTrader stands
at approximately $76,703 and $35,921, respectively.
About A.B. Watley Group Inc.
A.B. Watley Group Inc. is the parent Company of A.B. Watley, Inc.,
a multifaceted, technological and service-oriented brokerage firm
offering two proprietary online trading systems, UltimateTrader(R) and
WatleyTrader(TM), that provide realtime data feed and instantaneous
execution for the most active segment of the online trading community.
The A.B. Watley, Inc. Institutional Sales and Trading Division
specializes in the execution of complex and sensitive large-block
equity transactions for institutions, major investment managers,
insurance companies, banks, and high net worth individuals. Under its
former name, Internet Financial Services Inc., the Company completed
its initial public offering of 2,300,000 shares of common stock on
April 20, 1999. The company recently reported record 1999 fiscal year
end revenues of $20,987,613, an increase of 130% from fiscal year
1998. A.B. Watley Group Inc.'s competitors include E*Trade (NASDAQ:
EGRP), Charles Schwab (NYSE: SCH), Ameritrade (NASDAQ: AMTD.O), TD
Waterhouse (NYSE: TWE), MyTrack (NASDAQ: TRAC.O), DLJ Direct (NYSE: DIR.N)
and National Discount Brokers (NYSE: NDB.N)
Safe Harbor Statement
Certain statements contained herein, including statements
regarding the development of services and markets and future demand
for services and other statements regarding matters that are not
historical facts, are forward-looking statements (as defined in the
Private Securities Litigation Reform Act of 1995, as amended). Any
number of conditions may occur which would materially affect important
factors in this analysis and materially change expectations. These
factors include, but are not limited to, customer trading activity,
loss of one or more significant customers, change in technology,
shifts in competitive patterns, ability to manage growth effectively,
risks associated with acquisitions including integration risks, risks
associated with strategic partnerships, various project-associated
risks, substantial competition, general economic conditions, risks
associated with intellectual property rights, risks associated with
international operations and other risk factors listed from time to
time in A.B. Watley Group Inc.'s filings and reports with the
Securities and Exchange Commission.
--30--tia/ny*
CONTACT: A.B. Watley Group Inc.
William Arnold, 212/422-1664 ex 5825
E-mail: warnold@abwatley.com
or
Kevin Kelly, 212/422-1664 ex 5826
E-mail: kkelly@abwatley.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING E-COMMERCE INTERNET
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