exhibit 99.1
GLOBALNETFINANCIAL.COM AND TELESCAN, INC. TERMINATE MERGER
SANTA MONICA, CA, LONDON AND HOUSTON, TX -- (September 26, 2000)
GLOBALNETFINANCIAL.COM, INC., (NASDAQ: GLBN, LSE: GLFA) ("GlobalNetFinancial")
and TELESCAN, INC. (NASDAQ: TSCN) ("Telescan") announced today they have
terminated their proposed merger transaction.
Under the terms of the termination agreement, GlobalNetFinancial and Telescan
have entered into a share exchange in which Telescan will deliver to
GlobalNetFinancial 272,500 shares of GlobalNetFinancial common stock currently
owned by Telescan, and in exchange GlobalNetFinancial will deliver to Telescan
the 545,000 shares of Telescan common stock currently owned by
GlobalNetFinancial. GlobalNetFinancial will also purchase from Telescan 276,495
shares of GlobalNetFinancial common stock currently owned by Telescan for $6.00
per share and will make an additional payment of $250,000 in respect of certain
of Telescan's expenses.
In a joint statement, Stanley Hollander, Chairman & CEO of GlobalNetFinancial,
and Lee Barba, Chief Executive Officer of Telescan, said, "Both
GlobalNetFinancial and Telescan possess core strengths that will enable each
company to separately pursue its respective growth strategies, which we have
mutually agreed is in the best interests of our respective companies and
shareholders".
ABOUT GLOBALNETFINANCIAL.COM
GlobalNetFinancial.com is a rapidly expanding international financial portal
providing online financial news, investment tools, and transaction services.
GlobalNetFinancial is leveraging its highly trafficked websites by partnering
globally with leading ISP's and Internet portals, direct access share trading
companies and other brokerage and clearing firms to create an international
network of online transaction businesses dealing in North American and European
stocks, foreign exchange and other financial services such as insurance.
GlobalNetFinancial owns substantial stakes in these transaction businesses.
GlobalNetFinancial's shares are traded on both the NASDAQ National Market System
and on the Alternative Investment Market of the London Stock Exchange.
GlobalNetFinancial's family of Money & Finance websites includes UK-iNvest.com,
America-iNvest.com, Canada-iNvest.com, Deutscher-Finanzmarkt.com,
Espana-iNvest.com, Italia-iNvest.com, Neder-iNvest.com, Danmark-iNvest.com,
FR-iNvest.com, SolBors.com, GlobalNeTrader.com, MatchBookFX.com,
StockAcademy.com, InsuranceWide.com, eo.net and UK-Wire.com.
ABOUT TELESCAN
Houston-based Telescan (http://www.telescan.com) is an industry leader in
providing Internet services to the financial and publishing industries and
proprietary analytics and content to individual investors. Telescan's Consumer
Division, based in Menlo Park, California, manages a collection of Web sites,
including INVESTools.com and WallStreetCity.com, with the common goal of
simplifying and enriching the investing consumer's financial life. The group
manages more than 1.2 million actual users and more than 50,000 paying
subscribers. Revenue is generated through both advertising and subscription
sales. Telescan also provides Internet services via private-label and co-branded
versions of its proprietary Internet technology to many of the nation's leading
financial services and media companies, including America Online, American
Express, Fidelity Investments, Forbes, NBC, Quick & Reilly and Time Inc. New
Media (Fortune).
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CONTACTS FOR GLOBALNETFINANCIAL.COM
The Del Mar Consulting Group, Inc. GlobalNetFinancial.com, Inc.
Robert B. Prag, President Michael Jacobs
(858) 794-9500 (800) 371-4921
[email protected] [email protected]
CONTACTS FOR TELESCAN, INC.
Telescan, Inc. Kekst and Company
Lee Barba, CEO Jeffrey Taufield
(212) 332-3256 Roanne Kulakoff
(212) 521-4800
This release contains forward-looking statements, which are made pursuant to the
safe-harbor provisions of the private securities litigation reform act of 1995.
Expressions of future goals and similar expressions reflecting something other
than historical fact are intended to identify forward-looking statements, but
are not the exclusive means of identifying such statements. These
forward-looking statements involve a number of risks and uncertainties, some of
which are out of the control of the Company. Accordingly, the Company's actual
results could differ materially from those discussed in this release. A wide
variety of factors could cause or contribute to such differences and could
adversely impact revenues, profitability, cash flows and capital needs. A more
complete listing of cautionary statements and risk factors is contained in the
Company's reports filed with the Securities and Exchange Commission. The Company
undertakes no obligations to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the date of this
release.
