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EXHIBIT 99.1
For More Information:
Matthew Kyler
Stockwalk.com Group, Inc.
612.542.3626
[email protected]
STOCKWALK.COM GROUP, INC. COMPLETES PURCHASE OF R.J. STEICHEN & COMPANY
MINNEAPOLIS...August 1, 2000...Stockwalk.com Group, Inc. (Nasdaq:
STOK), parent company of Miller, Johnson & Kuehn (MJK), Stockwalk.com, Inc. and
Online Brokerage Solutions, Inc., announced it has completed its previously
announced merger transaction with R.J. Steichen & Company, a Minneapolis-based
regional brokerage firm. Stockwalk.com Group issued 4.3 million shares of
restricted Stockwalk common stock to the shareholders of Steichen in exchange
for Steichen's outstanding common stock. An additional 2,000,000 shares may be
issued upon the achievement of certain pre-tax earnings during the two-year
period following closing.
The Steichen transaction marks the completion of the first purchase of
two regional brokerage firms for Stockwalk.com Group, as announced June 6. The
acquisition of Kinnard Investments, Inc. (Nasdaq: KINN), also a regional
brokerage in Minneapolis, is scheduled to be completed on September 11, 2000.
Upon completion of both transactions, Stockwalk.com Group's full service
operations will feature more than 400 registered representatives, 850 employees
and 34 branch offices in eight states.
"The addition of R.J. Steichen to the Stockwalk.com Group family
greatly strengthens our full-service business at a time when there is much
consolidation in our industry," said Eldon D. Miller, Chairman and Chief
Executive Officer of Stockwalk.com Group. "Steichen is very
Exhibit 99.1-1
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profitable and well-run by Jack Feltl and his staff. Along with Kinnard
Investments and our MJK subsidiary, we will become one of the largest regional
brokerages in the upper Midwest, and that will mean more investment
opportunities for our clients."
R.J. Steichen had pre-tax earnings of $2.1 million on $12.5 million in
revenues for its third quarter and had pre-tax earnings of $7.8 million on
revenues of $43.8 million for the nine months ended June 30, 2000. Jack Feltl,
President and Chief Executive Officer of R.J. Steichen, will continue to operate
Steichen independently, although the firm is exploring synergies with Kinnard
and MJK as it relates to staffing and other services. Both Mr. Feltl and his
son, John C. Feltl, will become directors of Stockwalk.com Group.
ABOUT STOCKWALK.COM GROUP, INC.
Based in Minneapolis, Minnesota, Stockwalk.com Group, Inc. is the
parent company of MJK Holdings, Inc., which owns Miller, Johnson & Kuehn,
Incorporated, a full service brokerage, and Stockwalk.com, Inc., an online
trading company (AOL keyword: Stockwalk). Both subsidiaries are members of the
National Association of Securities Dealers (NASD) and the Securities Investor
Protection Corporation (SIPC), and MJK is a member of the Chicago Stock
Exchange. Online Brokerage Solutions, Inc. provides online trading services to
financial institutions and web portals. For more information, visit
www.stockwalkgroup.com.
Forward Looking Statement: The matters set forth in this public
dissemination, including management's expectations regarding future growth and
profitability, are forward-looking statements within the context of the Private
Securities Litigation Reform Act of 1995. These statements involve certain risks
and uncertainties that could cause actual results to differ materially from such
statements. These potential risks and uncertainties include, among other
factors, the volatile nature of financial markets and the securities industry,
rapidly growing
Exhibit 99.1-2
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competition in the financial services industry, dependence on and competition
for experienced personnel, successful implementation of the company's long-term
strategy and federal and state regulatory and legislative changes.
Exhibit 99.1-3
