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Non-Tech : Web Street Securities (WEBS) -- Ignore unavailable to you. Want to Upgrade?

To: Craig Bartels who wrote (1326)	6/28/2000 8:14:00 AM
From: wlcnyc	Respond to of 1339

"Wednesday June 28, 7:10 am Eastern Time Company Press Release SOURCE: Web Street, Inc. Web Street Unveils Online Financial District New Web Site Includes Diversified Financial Product and Service Offerings DEERFIELD, Ill, June 28 /PRNewswire/ -- Web Street, Inc. (Nasdaq: WEBS - news), parent company of Web Street Securities, Inc., a leading online brokerage firm, has launched its newly enhanced Web site, the Web Street Online Financial District. Located at www.webstreet.com, this launch marks the continued execution of the Company's strategy to become the leading one-stop, online financial services destination. Customers now have access to Web Street's expanded financial products and services, including comprehensive investing and cash management products, debit and credit cards, online bill payment, and lending and insurance offerings. ``The launch of our Online Financial District is a clear signal of our success and commitment to deliver on each of the strategies outlined at our initial public offering,'' said Joseph Fox, Co-Chief Executive Officer. ``The enhanced product offerings, coupled with our recently announced self-clearing capabilities, demonstrate our dedication to providing outstanding, five-star customer service. By offering additional products, easier site navigation and faster customer response times, we continue to strengthen our leading global role as a financial services destination for around-the-clock service and technology capabilities.'' The Company's enhanced Web site includes the following product and service enhancements: -- Web Street Global Asset Manager Web Street's new Global Asset Manager account is far more than simply an investment account. It provides customers with all the tools needed to organize their finances -- investing, savings, interest checking and even bill payment -- in one convenient account. The Global Asset Manager provides free unlimited check writing, online account access, a Gold MasterMoney(TM) debit/ATM card and consolidated account statements. -- Web Street Online Bill Payment With Web Street's online bill payment service, customers can pay bills electronically over the Internet with just a click of the mouse. Customers can access their bill payment account via the Web Street site and securely set up payments for both one-time and recurring bills. -- Web Street Platinum MasterCard© Web Street offers a Platinum MasterCard© with no annual fee and generous credit lines of up to $100,000. In addition, the card features a low 2.9% introductory APR, balance transfer savings and other valuable platinum services. -- Mortgage and Loan Products Web Street recently partnered with Lending Tree©, a leading Internet-based loan marketplace for consumers and lenders, to become an affiliate in the Lending Tree Branch Network. Web Street customers can connect to a network of lenders that provide mortgage, refinance, home equity, auto, personal, and small business loans. By submitting an online request form, customers can receive up to four loan offers within one business day. -- Insurance Products Web Street recently partnered with InsWeb, an online insurance provider, to enable Web Street's customers to compare free, no obligation quotes from some of the industry's leading insurance companies. Through InsWeb and its links, customers can conveniently compare multiple quotes from top-name insurance providers by simply submitting an online request form. Web Street's customers have the benefit of shopping 24 hours a day, seven days a week for free quotes on auto insurance, home owners insurance, home warranty insurance, renters insurance, life insurance and health insurance. In the coming weeks, Web Street plans to continue expanding the Online Financial District with additional products and services, including extended hours trading, cross-border trading functionality and fixed income investment products. About Web Street Web Street, Inc., based in Deerfield, Illinois, provides online brokerage services to individual investors in the United States, Europe, Asia and Latin America, through its wholly-owned subsidiary, Web Street Securities, Inc., which was founded in 1996. Web Street was recently awarded a five star customer service rating in Money Magazine's ``Best Online Brokers of 2000'', in addition to four star ratings by Barron's in 1998 and 1999, as well as being ranked as one of the top 3 online brokers in March 1998 and March 1999 by SmartMoney. Web Street offers 24 hours a day customer service, low-price commissions, and real time account information via multiple channels -- online, touch-tone telephone, person-to-person via telephone, and face-to-face onsite through its existing and future brick-and-mortar branches. For more information on the Company's products and services, visit us at www.webstreet.com or call us at 1-800-WEBTRADE 1-800-932-8723. Cautionary Note Regarding Forward-Looking Statements This news release includes forward-looking statements that reflect Web Street's current expectations about its future results, performance, prospects and opportunities. Web Street has tried to identify these forward-looking statements by using words such as ``will,'' ``expect,'' ``anticipate,'' ``believe,'' ``intend,'' and other similar expressions. These forward-looking statements are based on information currently available to Web Street and are subject to a number of risks, uncertainties and other factors that could cause Web Street's actual results, performance, prospects or opportunities in the remainder of 2000 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, Web Street's ability to successfully implement self-clearing operations, Web Street's ability to establish and maintain international relationships and relationships with content providers, intense price and other competition among companies providing online financial services, Web Street's need to maintain and increase its customer accounts, volatility in the securities markets, Web Street's ability to develop and enhance its services and products, risk of system failures, and existing and future regulations affecting the online brokerage industry or the Internet generally. For further information about these and other risks, uncertainties and factors, that could affect Web Street's future results, performance, prospects and opportunities, please review the disclosure included under the caption ``Business-Risk Factors'' in Web Street's annual report on Form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. Except as required by the federal securities laws, Web Street undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this news release. SOURCE: Web Street, Inc. " biz.yahoo.com

To: Craig Bartels who wrote (1326)	6/28/2000 8:16:00 AM
From: wlcnyc	Respond to of 1339

"Wednesday June 28, 7:00 am Eastern Time Company Press Release SOURCE: Web Street, Inc. Web Street Begins Clearing for Global Customer Base; Expects Pivotal Move to Drive Future Revenue and Profitability Growth Global Online Financial Services Firm Also Announces Industry's Lowest Published Margin Rates for High Balances DEERFIELD, Ill., June 28 /PRNewswire/ -- Web Street, Inc. (Nasdaq: WEBS - news), parent company of Web Street Securities, Inc., a leading online financial services firm, today announced it has commenced self-clearing operations for its global customer base. Management expects that this transition will make the Company less dependent on transaction revenues, as interest income generated from carrying Web Street's customers' accounts begins contributing to revenues and gross profit margins. As a result of this transition, Web Street anticipates that its profit margins will also benefit by lowering the cost of trade clearance and execution, as compared to what the Company was previously paying to outsource those functions. Going forward, management believes interest income on margin accounts could significantly contribute to future revenue streams. Joseph J. Fox, Co-Chief Executive Officer of Web Street, commented, ``This is the most significant strategy we have executed since our initial public offering last November and signals the beginning of Web Street's next generation growth strategy. With this move, our universe of potential customer accounts expands significantly. As of April 2000, there was more than $250 billion in margin account balances held in U.S. brokerage firms. More importantly, this moves us closer to our goal of becoming our client's primary account holder, as we now offer a full suite of services. We expect that our clients will increasingly rely on us as their one-stop online financial services provider.'' In conjunction with the conversion to self-clearing, Web Street also announced today the lowest published margin interest rates in the industry for high balance customers. Under Web Street's new tiered rate structure, interest rates charged to customers on margin balances of $2,500,000 or more will be 1-1/4% below broker call, as published in the Wall Street Journal. The Company's commission schedule will retain commission-free trading on Nasdaq stocks of 1,000 shares or more for market orders on Nasdaq stocks trading over $2.00 per share. For limit orders and other equity trading, the internet commission rate will be $14.95 per trade. For equity and index option trading, the internet commission rate remains $14.95, plus $1.75 per contract. ``Over the balance of this year, the additional interest income and lower trade clearance and execution costs will help offset the impact of lower payments for order flow compared to those received under our prior clearing agreement,'' stated Joseph Barr, President and Chief Financial Officer. ``Longer term, our management team views establishing self-clearing capabilities as the foundation for greatly diversifying our revenue base and a clearer path to profitability.'' With these announcements, the Company is now able to offer current and potential customers several new benefits, including enhanced cash management services and lower margin rates. Web Street's new cash management account, the ``Global Asset Manager'', will offer customers free unlimited check writing, online account access, consolidated account statements, a Gold MasterMoney(TM) debit/ATM card and electronic bill payment. As in the past, the Securities Investor Protection Corporation (SIPC) provides account coverage of $500,000 ($100,000 in cash and $400,000 in securities) per account. Web Street goes beyond this industry minimum with an additional $99,500,000 in coverage for each account through Lloyd's of London, providing $100 million in customer account protection. Web Street's move to self-clearing also further extends the Company's reach in the global equities market. Fox commented, ``An important ancillary effect of this move is to set the stage for providing true cross-border trading functionality. Our new self-clearing operations will ultimately facilitate giving our domestic customers the ability to invest in foreign securities and our international customers access to other non-domestic foreign securities.'' About Web Street Web Street, Inc., based in Deerfield, Illinois provides online brokerage services to individual investors in the United States, Europe, Asia and Latin America, through its wholly-owned subsidiary, Web Street Securities, Inc., which was founded in 1996. Web Street was recently awarded a five star customer service rating in Money Magazine's ``Best Online Brokers of 2000'', in addition to four star ratings by Barron's in 1998 and 1999, as well as being ranked as one of the top 3 online brokers in March 1998 and March 1999 by SmartMoney. Web Street offers 24 hours a day customer service, low-price commissions, and real time account information via multiple channels -- online, touch-tone telephone, person-to-person via telephone, and face-to-face onsite through its existing and future brick-and-mortar branches. For more information on the Company's products and services, visit us at www.webstreet.com or call us at 1-800-WEBTRADE (1-800-932-8723). Cautionary Note Regarding Forward-Looking Statements This news release includes forward-looking statements that reflect Web Street's current expectations about its future results, performance, prospects and opportunities. Web Street has tried to identify these forward-looking statements by using words such as ``will,'' ``expect,'' ``anticipate,'' ``believe,'' ``intend,'' and other similar expressions. These forward-looking statements are based on information currently available to Web Street and are subject to a number of risks, uncertainties and other factors that could cause Web Street's actual results, performance, prospects or opportunities in the remainder of 2000 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, Web Street's ability to successfully implement self-clearing operations, Web Street's ability to establish and maintain international relationships and relationships with content providers, intense price and other competition among companies providing online financial services, Web Street's need to maintain and increase its customer accounts, volatility in the securities markets, Web Street's ability to develop and enhance its services and products, risk of system failures, and existing and future regulations affecting the online brokerage industry or the Internet generally. For further information about these and other risks, uncertainties and factors, that could affect Web Street's future results, performance, prospects and opportunities, please review the disclosure included under the caption ``Business-Risk Factors'' in Web Street's annual report on Form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. Except as required by the federal securities laws, Web Street undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this news release. SOURCE: Web Street, Inc." biz.yahoo.com