SANTA MONICA, Calif., and LONDON, England, May 5, 1999 (PRIMEZONE) -- GlobalNet Financial.com, Inc. (OTCBB: GLBN) and Freeserve Limited announced today the successful launch of UK-iNvest.com (www.ukinvest.com). The site can be reached through www.ukinvest.com and by clicking on "Money" on Freeserve's home page located at www.freeserve.net. Upon the completion of technical modifications expected this week, UK-iNvest.com will be the exclusive provider of news and information on Freeserve's money channel and prominently linked on Freeserve's homepage. Freeserve is the largest and fastest growing ISP in the United Kingdom with 1.5 million subscribers. UK-iNvest.com was created as a result of the demand from a significant percentage of these subscribers for investment information, ideas and trends.
Free to registered users, UK-iNvest.com is designed for both consumers and professionals, providing up-to-the-minute market news, stock quotes, performance charts and a complete database of UK publicly traded companies. In addition, the site guides visitors on investment ideas through interviews with leading investment managers and analysts, features on personal finance, and columns by noted financial writers such as the Daily Mail's Michael Walters and private investment guru Bernice Cohen, commonly known as "Mrs. Cohen."
Stanley Hollander, President and Chief Executive Officer of GlobalNet Financial, stated, "We are thrilled to be up and running to critical acclaim on Freeserve as the first step in our global expansion. The traffic anticipated on UK-iNvest.com resulting from Freeserve's large and continuously growing subscriber base offers us significant e-commerce-based revenue opportunities. These include on-line trading and sales from other financial products such as insurance, as well as advertising and sponsorship. We have partnered with 24/7 Media Europe for our advertising needs. We anticipate continuing our expansion to other countries throughout Europe and the globe."
Mark Danby, General Manager of Freeserve, stated, "We are extremely pleased with the quality and depth of information provided on UK-iNvest.com. It exceeded our expectations, and we believe the site will help extend our market share in the UK."
GlobalNet Financial.com, Inc. is publicly traded in the United States under the symbol "GLBN". GLBN's U.S. web site MicroCap1000.com (www.microcap1000.com) was launched in October 1998 and is designed to be the premier source of information on the MicroCap sector, focusing on companies with market capitalization of under $500 million. The site provides comprehensive internet-based electronic publishing of unique content including news, analysis and investment ideas. MicroCap1000.com currently has over 165,000 registered users. GLBN intends to continue worldwide expansion by developing market specific web sites on an international basis.
During 1999, GlobalNet and its subsidiaries entered into a number of joint ventures, content alliances and advertising agreements. Telescan, Inc. (Nasdaq: TSCN) acquired 9.9% of GLBN as a result of a technology license agreement as well as a strategic share exchange. UK-iNvest.com, Ltd. hired 24/7 (Nasdaq: TFSM) as its advertising agency and entered into a co-branding agreement with the Motley Fool UK whereby The Motley Fool UK will provide a broad range of content on UK-iNvest.com. Further, MicroCap1000.com, Ltd. teamed up with Lycos (Nasdaq: LCOS) whereby MicroCap1000 will be showcased through advertising within Lycos.com's Money Web Guide.
Freeserve is a subsidiary of the Dixons Group plc and was launched on September 22, 1998. It was the first company to offer a fully featured free internet service UK wide. Freeserve is available on a free CD in all Dixons, Currys, PC World, the Link and @jakarta stores in the UK and is primarily intended for home users and small office/home business users.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Except for historical information, the matters discussed in this news release that may be considered forward-looking statements could be subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. These include uncertainties in the market, competition, legal, success of marketing efforts and other risks detailed from time to time in the company's SEC reports. The company assumes no obligation to update the information in this release.
For additional information regarding GlobalNet Finanical.com, Inc.
please contact Michael Jacobs as follows:
For U.K. investors:
Email: mjacobs@microcap1000.com
For U.S. investors:
1-800-371-4921 (tel)
For additional information regarding UK-iNvest.com,
please contact Clive Wolman as follows:
44-171-514-0500 (tel)
44-171-514-0505 (fax)
For additional information regarding MicroCap1000.com,
please contact Lisa Taylor as follows:
310-828-8838 (tel)
310-828-7218 (fax)
Email: ltaylor@microcap1000.com
For additional information regarding GlobalNet Financial.com
in the financial community, please contact:
Richard Carpenter or Jeff Lamberson
At American Financial Communications
916-552-6532 (tel)
916-552-6537 (fax)
For additional information regarding Freeserve Ltd., please contact:
Justine Moon
Dixons Group Press Office
01442354515
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CONTACT: GlobalNet Finanical.com, Inc.
(U.K. investors)
Michael Jacobs
mjacobs@microcap1000.com
(U.S. investors)
1-800-371-4921
UK-iNvest.com
Clive Wolman
44-171-514-0500 (tel)
44-171-514-0505 (fax)
MicroCap1000.com
Lisa Taylor
310-828-8838 (tel)
310-828-7218 (fax)
GlobalNet Financial.com in the financial community
Richard Carpenter or Jeff Lamberson
At American Financial Communications
916-552-6532 (tel)
916-552-6537 (fax)
Freeserve Ltd.
Justine Moon
Dixons Group Press Office
01442354515