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Thursday April 20, 7:02 am Eastern Time
Company Press Release
SOURCE: GlobalNetFinancial.com, Inc.
GlobalNetFinancial Announces Marketing Alliance With Telescan for Online Transaction Platforms
Telescan to Promote GlobalNeTrader.com and MatchBookFX.com Offering Trading of U.S. Securities and 24-Hour Foreign Currency Trading
SANTA MONICA, Calif., April 20 /PRNewswire/ -- GlobalNetFinancial.com, Inc., (Nasdaq: GLBN; London: GLFA) (``GlobalNetFinancial'), a rapidly expanding international financial portal providing online financial news, content and transaction execution services and Telescan, Inc. (Nasdaq: TSCN - news), an industry leader in providing Internet financial services to the financial and publishing industries and proprietary analytics and content to individual investors, announced today a marketing alliance in which Telescan will promote GlobalNet's GlobalNeTrader.com and MatchBookFX.com online transaction platforms.
Under the terms of the agreement, GlobalNeTrader.com will be Telescan's preferred provider of seamless, real-time securities trading and MatchBookFX.com will be Telescan's preferred provider of real-time foreign currency exchange. Both sites will be promoted, advertised and marketed by the Telescan-owned websites including WallStreetCity.com, Telescan.com and Investools.com .
In addition, Telescan will introduce GlobalNeTrader.com and MatchBookFX.com to financial websites with which Telescan has business relationships. Telescan provides Internet financial services via private-label and co-branded versions of its proprietary Internet technology to many of the nation's leading financial services and media companies, including America Online, American Express, Fidelity Investments, Forbes, GlobalNetFinancial, NBC, and Time Inc. New Media (Fortune).
GlobalNetFinancial's majority owned GlobalNeTrader.com is a real-time Direct Order Execution System for US securities. GlobalNetFinancial's minority owned MatchBookFX.com is a real-time Foreign Exchange Trading System.
Commenting on the alliance, Alan Jacobs, Senior Managing Director of GlobalNetFinancial and a member of the Board of Directors of GlobalNet Securities, said, ``GlobalNeTrader.com's seamless technology allows the user to execute a trade, in real time, using a floating application which appears superimposed on top of any website, financial or other, without leaving the website. MatchBookFX.com is a real-time, ECN technology based, foreign currency exchange trading system which uniquely offers 24 hour global trading of foreign currencies. We are very excited about the prospects of both companies and are delighted with our continuing expansion of our relationship with Telescan.'
Lee Barba, Chief Executive Officer of Telescan said, ``As part of Telescan's strategy to offer investors access to global markets and to expand their capabilities online, we believe that GlobalNeTrader.com and MatchBookFX.com are the sophisticated tools that enrich the online experience for investors who access Telescan products through our proprietary sites and the sites of our strategic partners. By migrating these value-added services to a wider audience of investors, we gain new sources of revenue for Telescan and our strategic partners and enhance our global brand and presence.'
Telescan recently exercised its option to purchase additional shares of GlobalNetFinancial common stock increasing its total ownership position in GlobalNetFinancial to approximately 14.8%.
About GlobalNetFinancial.com
GlobalNetFinancial.com is a rapidly expanding international financial portal providing online financial news, investment tools, and transaction services. GlobalNetFinancial is leveraging its highly trafficked websites by partnering globally with leading ISP's and Internet portals, direct access share trading companies and other brokerage and clearing firms to create an international network of online transaction businesses dealing in North American and European stocks, foreign exchange and other financial services such as insurance. GlobalNetFinancial owns substantial stakes in these transaction businesses. The Company is 26% owned by strategic partners. The Company had approximately $144 million in cash and marketable securities as of March 31, 2000, which includes the proceeds from the exercise of the Telescan option. The Company currently has approximately 18.0 million total common shares outstanding, which includes both the US common shares and the UK listed Class A common equivalent shares. GlobalNet's shares are traded on both the Nasdaq National Market System and on the Alternative Investment Market of the London Stock Exchange, following a highly successful placing and UK public offering in December. GlobalNet's family of Money & Finance websites include UK-iNvest.com, America-iNvest.com, Italia-iNvest.com, Neder-iNvest.com, Danmark-iNvest.com, FR-iNvest.com, SolBors.com, GlobalNeTrader.com, MatchBookFX.com, InsuranceWide.com, and UK-Wire.com . |
