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Exhibit 99.1
E*TRADE(R) SIGNS AGREEMENT TO ACQUIRE VERSUS TECHNOLOGIES INC., INCLUDING
E*TRADE CANADA AND VERSUS' INSTITUTIONAL TRADING TECHNOLOGIES
Integration of State-of-the-Art Software and Technology Expertise Will Expand
E*TRADE's Services for Retail and Institutional Clients Worldwide
E*TRADE Media Contact:
Amy Conran
E*TRADE Group, Inc.
650-331-6045
[email protected]
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E*TRADE Investor Relations Contact:
Erica Gessert
E*TRADE Group, Inc.
650-331-5893
[email protected]
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VERSUS Media Contact:
Ilyse Smith
Hill and Knowlton, Canada
416-413-4632
[email protected]
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FOR IMMEDIATE RELEASE
MENLO PARK, Calif. - June 15, 2000 - E*TRADE Group, Inc. (Nasdaq: EGRP) today
announced that it has signed a definitive agreement to acquire VERSUS
Technologies Inc. (TSE: V), a Canadian-based provider of electronic securities
trading services for institutional and retail investors and owner of the E*TRADE
Canada license (www.canada.etrade.com). Through the acquisition, E*TRADE will
gain access to the VERSUS retail and institutional client base as well as The
VERSUS Network, a scalable proprietary electronic trading platform that is
planned to be incorporated into E*TRADE's product offerings worldwide. Under
the terms of the agreement, VERSUS securityholders will be entitled to receive
approximately US$174 million of E*TRADE common stock. The merger is expected to
be accounted for as a pooling of interests upon the satisfaction of certain
requirements. The terms of the transaction are expected to provide the
opportunity for a tax-deferred exchange of shares for Canadian resident holders
of VERSUS shares.
"As a global leader in online financial services, this acquisition strongly
complements E*TRADE's strategy by providing us with state-of-the-art technology
resources to accelerate our plans of establishing a global cross-border trading
network for institutional and retail customers worldwide," said Christos M.
Cotsakos, chairman of the board and chief executive officer of E*TRADE Group,
Inc. "We believe VERSUS Technologies will directly contribute to the
developmemt of E*TRADE's all electronic, financial hub which will ultimately
link twenty of the top international equities markets. Together, we'll now be
able to expand our capabilities to empower success for customers not only in
Canada but throughout the world." Canadian institutional investors using The
VERSUS Network represent over 75 percent of Canadian listed equity under
management. The VERSUS Network supports the equivalent of approximately 13
percent of the average trading volume on The Toronto Stock Exchange. E*TRADE
plans to incorporate the technology into its global cross border trading
platform, enabling institutions and investment dealers worldwide to route
orders globally through the VERSUS and E*TRADE networks. E*TRADE also plans to
use the technology in a web-enabled institutional product currently under
development for E*TRADE's 650-plus institutional investors.
VERSUS, through the E*TRADE Canada brand, has also driven explosive growth in
its retail business. E*TRADE will acquire 100 percent of E*TRADE Canada in the
transaction, gaining the opportunity to fully participate in the tremendous
potential growth of the Canadian retail market. Canada is ranked among the top
four countries in the world in terms of Internet usage, and, according to
Forrester Research, Canadian online financial services are predicted to grow at
a 36 percent compound annual growth rate through
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2003. Moreover, E*TRADE Canada's customers will gain the future benefit of
E*TRADE's 24/7 global market access, information and world class trading
technologies.
The VERSUS management team, including Douglas Steiner, Chairman and Chief
Executive Officer, and Colleen Moorehead, President, will continue to play
significant roles in advancing E*TRADE's overall global expansion strategy.
"We are excited about the opportunity to combine VERSUS' state-of-the-art
institutional trade order routing, matching, and management technology with
E*TRADE's strong global network, innovative technology and leading brand," said
Douglas Steiner. "E*TRADE and VERSUS will be a formidable combination that will
bring tremendous benefits to our customers, our shareholders, and to the
liquidity of the Canadian markets."
VERSUS has been a strategic partner of E*TRADE since 1997, when E*TRADE Canada
was formed as the first E*TRADE licensee worldwide. Operating as a service of
VERSUS Brokerage Services, Inc., E*TRADE Canada offers Canadian and U.S. stock
and options trading and Canadian mutual fund trading to the Canadian retail
investor. In addition, VERSUS has developed electronic trading technology
which is used to connect market participants including investors, institutions,
investment dealers, exchanges, as well as alternative liquidity pools.
VERSUS is expected to be renamed E*TRADE Canada Ltd. and to operate as a
wholly-owned subsidiary of E*TRADE. The agreement is subject to approvals by
VERSUS securityholders, Canadian and US regulators and to other closing
conditions.
About VERSUS
VERSUS Technologies Inc. (TSE: V), together with its wholly-owned subsidiary,
VERSUS Brokerage Services Inc., is a leading provider of electronic securities
trading services to the Canadian marketplace. VERSUS' retail business is
marketed exclusively in Canada under the E*TRADE Canada name, as a service of
VERSUS Brokerage Services Inc. The E*TRADE Canada service is currently offered
in all provinces. VERSUS Technologies Inc. and VERSUS Brokerage Services Inc.
are headquartered in Toronto, Canada. VERSUS Brokerage Services Inc. is a
member of the Toronto and Montreal exchanges and the Canadian Venture Exchange,
the Investment Dealers Association of Canada, and the Canadian Investor
Protection Fund. E*TRADE Canada is a registered trademark of E*TRADE
Securities, Inc., and is used with their permission. E*TRADE Securities, Inc.
(Member NASD/SIPC), and its parent company, E*TRADE Group, Inc., are
headquartered in Menlo Park, California.
About E*TRADE
E*TRADE is a global leader in online personal financial services, offering
value-added investing and research features, premium customer service and a
redundant, proprietary Stateless Architecture(SM) infrastructure. In addition to
the U.S., E*TRADE presently serves customers through branded web sites in
Denmark, Korea, Japan, the U.K., Sweden, France, Australia, New Zealand and
Canada. E*TRADE has been recognized as a leader in online financial services by
Gomez Advisors, Lafferty Information and Research Group, PC Magazine and Smart
Computing magazine. E*TRADE Securities Inc. (Member NASD/SIPC), and its parent
company, E*TRADE Group, Inc. have offices in Northern California and in other
major business centers in the U.S. and worldwide. E*TRADE is a registered
trademark of E*TRADE Securities, Inc.
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