February 08, 1999 08:44
IFN CEO Denies Rumors of February IPO; Confirms Genesys Partners
Retained to Explore Options
NEW YORK, Feb. 8 /PRNewswire/ -- Responding to recent speculation, rumors and investor inquiries,Clifford T. Boro, Founder, Chairman and CEO of Internet Financial Network, today denied that IFN plans
an initial public offering this month.
IFN was established in 1994 and is backed by Travelers Insurance Co., a wholly owned subsidiary of CitiGroup (NYSE: C), and by Data Broadcasting Corporation (Nasdaq: DBCC). IFN uses Internet
technology and marketing strategies to reinvent the delivery of premium financial information to institutional and private investors.
"We need to clarify IFN's current status in view of the persistent speculation on the Internet and calls from investors looking for IFN on upcoming IPO lists this month. We have not filed an S-1 with the Securities and Exchange Commission and so an IPO is not imminent," Mr. Boro said.
He confirmed that IFN has retained Genesys Partners of New York as its financial adviser "to assist us in evaluating all options."
James G. Kollegger, Genesys Chairman and CEO said that "IFN is applying Internet e-commerce techniques to provide investors with substantially more powerful real-time information products at
substantially lower cost than ever before. We have sharpened the company's strategic focus and are moving to close a private financing before any public offering to fund the next stage of its development."
That stage includes the imminent launch of a new product as well as a national rollout of InfoGate(TM), IFN's aggregation of the premium real-time investment news and information products used by the most
sophisticated institutional investors. "We are very close to announcing an important new product to help investors monitor a critically important new area of financial disclosure, as well as the addition of two of the world's leading investment information suppliers to InfoGate's network of third-party providers," Mr.
Boro said.
Mr. Boro said the current flurry of IPO speculation began shortly after last month's spectacular IPO of MarketWatch.com, formerly a joint venture partner of an IFN strategic partner -- Data Broadcasting Corp.
This Spring, IFN is beginning the national rollout of its flagship product, InfoGate, designed as a powerful new platform for delivery of high value content to the investment community. InfoGate supplies more than 260 real-time investment news and data sources from leading third-party providers on a single computer desktop. It is distributed via the Internet, from IFN's web site (http://www.ifn.com), but at speeds up to four times faster than the Internet.
InfoGate third-party providers already include The American Banker/Bond Buyer, The Associated Press, CDA/Investnet, CNBC/Dow Jones Business Video, COMLINE, Communications Industry Researchers,
Comtex, FDC Reports, Federal News Service, First Call Corporation, Global Information Network, Graham & Whiteside, InfoWorld, Integra Information, Investext, Net Earnings, Phillips Business Information,
Securities Data Company, Standard & Poor's and Street Pricing Services.
The Company is moving to expanded headquarters in One Exchange Place, New York and is expanding its back office operations in Ft. Lauderdale, Florida. CitiGroup's Travelers Insurance unit and Data
Broadcasting have financed IFN's product development and growth. As a result, they hold options exercisable, in aggregate, into a majority equity interest.
SOURCE Internet Financial Network, Inc.
/CONTACT: Clifford Boro of Internet Financial Network, 800-546-5436, or cboro@ifn.com; or Tim Metz of Metz Group LLC, 212-752-1044, or
tim@metzllc.com, for Internet Financial Network/
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