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EXHIBIT 99.2
[FINANCIALWEB LOGO]
Contact Information:
For the Company: Investor Relations:
Lysle Wickersham Harvey Goralnick
President FOCUS Partners LLC
781-453-9650 212-752-9445
[email protected] [email protected]
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123JUMP ACQUIRES FINANCIALWEB ASSETS AND WEB SITE;
FINANCIALWEB CEASES OPERATIONS
New York - November 14, 2000 - Financialweb.com, Inc. (OTCBB: FWEB), a B2B
provider of e-financial tools, information and content in English and Spanish,
announced today that its principal secured creditor foreclosed on substantially
all of the operating and intangible assets of the Company. Those assets were
sold to 123Jump.com, a company in the financial content space with many
synergies to the Company's business model. According to 123Jump.com, the
FinancialWeb site will continue to run and provide content for its business-to-
business customers. In a related action, the Company today ceased operations,
the remaining employees of the Company were let go and management and the Board
of Directors of the Company resigned.
The announcement came after a lengthy and exhaustive effort by the Board of
Directors and management to both raise capital and explore other strategic
alternatives dating back to late summer. These efforts included numerous
discussions with possible financial institutions and investment bankers
regarding financing and discussions with various third parties regarding a
possible acquisition of the Company. Over the past three weeks, the Company
worked with its principal secured creditor to raise the necessary funds to
continue operations. In the end, however, the results of these efforts were
insufficient as no party was prepared to provide capital or acquire the company
on favorable terms. As a result, the Company defaulted on the Company's
principal secured creditor's loans and it foreclosed on substantially all of the
operating and intangible assets of the Company and sold such operating assets to
123Jump.com. Those operating assets included equipment, furniture, software, the
FinancialWeb.com domain name, trade name, databases, customer lists, trademarks
and all intellectual property.
The net proceeds from such sale exceeded the debt owed to the secured party and
thus the secured party paid approximately $252,000 to the Company. The Company
will use the funds to pay off certain obligations to its employees and to repay
a portion of the obligations owed to the Company's trade creditors. Because of
the existing debt and other obligations of the Company, no proceeds are expected
to be available to distribute to the Company's preferred or common stockholders.
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According to 123Jump.com, the FinancialWeb site will continue to function and
its business-to-business customers will receive content uninterrupted under the
new ownership.
Because of the foreclosure of the assets and the shut down of operations, the
Company may not have the ability to make any further filings with the Securities
and Exchange Commission or to issue further public announcements.
"I am proud to have been part of building an award-winning site and launching a
successful B2B business model. This is a world-class group of people who
produced a great product." Stated Lysle Wickersham, President of FinanciaWeb, "I
am pleased that we were able to find a great company like 123Jump to keep the
site going."
This press release contains forward-looking statements covered within the
meaning of the Private Securities Litigation Reform Act of 1995. Such forward
looking statements, including terminology such as "with many synergies to the
Company's business model," "the FinancialWeb site will continue to run and
provide content for its business-to-business customers," "no proceeds are
expected to be available to distribute to the Company's preferred or common
stockholders," and "the Company may not have the ability to make any further
filings with the Securities and Exchange Commission or to issue further public
announcements," are subject to risks and uncertainties, including, but not
limited to, the impact of competitive products, product demand and market
acceptance, new product development, reliance on third parties, fluctuations in
operating results, as well as other risks, detailed in the Company's filings
with the U.S. Securities and Exchange Commission.
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