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SE
Global Equities Corp. (OTCBB:SEGB), a provider
of technology and financial resources for international
investors, announces that is has entered into
a non-binding letter of intent (“LOI”) to acquire
a broker dealer based in New York. This firm
has over US$80M of client assets under management,
and reported annual revenue of US$8.5M (CAD$12M)
in 2002.
According
to an equity research report entitled Financial
Technology March 2003 by Bear Stearns consolidation
would continue within the direct-access trading
space. Furthermore the report concluded that
total online accounts grew by 8%, to 20.5 million
from 19 million one year ago and that online
trading volume still accounted for more than
32% of daily combined NYSE and Nasdaq share
volume.
“We
continue to see significant expansion opportunities
as the market continues to consolidate,” stated
Toby Chu, president and CEO of SE Global Equities.
“Similar to our own operating model, this acquisition
will create many synergies post merger including
an established institutional client base, volume
discount, geographical coverage, better negotiating
power, combining of certain administrative duties
and reduction in expenses.”
This
transaction is subject to regulatory approval,
other material conditions present, due diligence
results and final negotiation of financial and
other terms to be contained in a contract that
will supercede the LOI.
About
SE Global Equities Corp
SE
Global Equities Corp. (“SEG”) offers a software
platform that provides electronic low cost trade
execution of US securities through a licensed
US securities broker-dealer to investors throughout
most of the world. GAI provides a wide range
of brokerage services.
SEG,
through its wholly owned subsidiary SE Global
Capital, also provides strategic consulting
services to foreign companies. SE Global Capital
specializes in assisting foreign companies expand
business presence to North America.
SE
Global is not a securities dealer in its own
right and has not sought such registration.
All trade execution and support services are
provided by the individual alliance broker in
compliance with local regulatory requirements.
Global-American Investments, Inc., a subsidiary
of SE Global Equities Corp., is a U.S. licensed
securities broker-dealer. Not all securities,
products or services described are available
in all countries, and nothing herein is an offer
or solicitation of securities products and services
in any jurisdiction where their offer or sale
is not qualified or exempt from registration.
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