RFGI - Rushmore Financial Grp announces Inet Daytrading division... now up more than 100% to 5 7/8.
PR Newswire, Wednesday, February 10, 1999 at 08:48
DALLAS, Feb. 10 /PRNewswire/ -- Rushmore Financial Group, Inc.
(NASDAQ:RFGI), today announced the launch of its Internet-based day trading
division, RushTrade.com.
RushTrade.com, which can be accessed on the Internet at
rushtrade.com, will operate as a division of Rushmore Securities
Corporation, a wholly-owned subsidiary of Rushmore Financial Group, Inc.
RushTrade.com offers "real-time" Level II market data and a fast order entry
system via the Internet, and its trades are cleared through Rushmore
Securities' correspondent clearing firm, Southwest Securities, Inc.
(NYSE:SWS).
RushTrade.com differs from such online trading companies as AmeriTrade
Holding Corp., Charles Schwab & Company, E*Trade, and Siebert Financial, in
that it is designed primarily for day traders. The day traders will have the
option of working at RushTrade.com's state-of-the-art trading center in
Dallas, from one of the proposed satellite RushTrade centers, or from their
homes or offices via the Internet.
"RushTrade.com is the result of a six-month development project which has
resulted in a Internet-based platform that will attract the experienced day
trader as well as the novice investor," stated Jim W. Clark, President of
Rushmore Securities Corporation. "We are excited about the growth and profit
potential of RushTrade.com, which reflects Rushmore's commitment to superb
service and technological innovation within the financial services industry."
"The number of on-line investors in the marketplace currently exceeds 5
million and we believe it will increase to over 20 million by the Year 2002,"
commented D.M. Rusty Moore, Jr., Chief Executive Officer of Rushmore Financial
Group, Inc. "RushTrade.com will allow Rushmore Financial Group to become a
significant player in the day-trading segment of the 21st century brokerage
arena, and we expect it to become a key profit center for our Company."
Rushmore Financial Group, Inc. is a financial services holding company
which provides, through its subsidiaries, a wide range of investment and
insurance services and products to its clients over the Internet and through a
national distribution network of securities representatives and insurance
agents. Its investment services business consists of securities brokerage
services, mutual fund distribution, variable life insurance and annuity sales,
fee-based advisory services, and other financial services. The Company's
insurance services business selects and markets a wide range of life,
disability, accident and health insurance and annuity products. In addition,
the Company's life insurance subsidiary acquires and co-insures up to a 50%
interest in policies issued by primary insurance companies that have entered
into modified co-insurance agreements with Rushmore Life Insurance Company.
The Company is headquartered in Dallas, Texas and its common stock is
traded on the Nasdaq small cap market under the symbol "RFGI".
This press release includes statements which may constitute "forward-
looking" statements, usually containing the words "believe", "estimate",
"project", "expect" or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to, continued acceptance of the
Company's products in the marketplace, competitive factors, changes in
regulatory environments, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission. By making these
forward-looking statements, the Company undertakes no obligation to update
these statements for revisions or changes after the date of this release.
For further information, please contact:
Robert Hendren, Chief Financial Officer at (972) 450-6000
or
R. Jerry Falkner, CFA, Investor Relations Counsel at (800) 377-9893
SOURCE Rushmore Financial Group, Inc.
-0- 02/10/99
/CONTACT: Robert Hendren, Chief Financial Officer of Rushmore Financial
Group, Inc., 972-450-6000; or R. Jerry Falkner, CFA, Investor Relations
Counsel, of R.J. Falkner & Co., 800-377-9893, for Rushmore Financial Group,
Inc./
/Web site: rushtrade.com
Companies or Securities discussed in this article:
Symbol Name
NASDAQ:RFGI
NYSE:SWS
SF |
