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MIAMI--(BUSINESS WIRE)--July 31, 2000 via
NewsEdge Corporation -
Omega Research, Inc. (Nasdaq:OMGA), a leading
provider of branded real-time trading tools for
active traders and professionals, and
OnlineTrading.com (Nasdaq: LINE), a leader in
direct-access brokerage services for active
traders and professionals, announced that both
companies remain committed to the merger and
have recently amended their agreement to
reflect the new estimated closing date.
"Once we close our merger with
OnlineTrading.com, we believe that the structure
of our business model will be complete," said Bill
Cruz, co-chairman and co-chief executive officer
of Omega Research. "The team at
OnlineTrading.com - with their years of
direct-access brokerage experience focusing on
active traders and professionals - is the perfect
complement to our experience serving the same
market with industry leading strategy testing and
automation tools and real-time data solutions.
"We look forward to offering customers a
complete trading solution," said Cruz. "We not
only believe that active traders and professionals
want a platform that includes strategy
back-testing and automation capabilities,
streaming real-time data, and direct-access
order execution, but also that our 10,000 paying
WindowOnWallStreet.com subscribers and 45,000
TradeStation customers are prime candidates for
our new online brokerage."
"The delay hasn't prevented us from working
together on implementing the merger strategy,"
said Steve zum Tobel, president of
OnlineTrading.com. "For the past six months, we
have combined our resources and efforts to
develop the next-generation in intelligent order
routing as well as our unique PowerOrders(TM)
technology. The goal is to release
TradeStation.com with next generation,
direct-access order routing and execution
services within a short time following the close
of the merger. We believe we will have the most
powerful browser-based trading platform for
active traders and professionals available
anywhere."
About Omega Research, Inc.
Founded in 1982, Omega Research, Inc. is a
leading provider of branded real-time trading
tools for active traders and professionals. The
company's flagship product, TradeStation(R),
has sold over 45,000 copies, more than $100
million in software sales, since its introduction in
1991.
WindowOnWallStreet.com, the company's new
Internet subscription service with over 10,000
paying subscribers, offers traders award-winning
tools including powerful analytical charting,
Nasdaq Level II, time & sales, quote lists, option
chains, market leaders, streaming news, Internet
SmartSearch, live ticker, portfolio management,
Profit/Loss tracking, discussion forums, and
wireless access. For additional information and to
register for the service with a free 10-day trial,
visit http://www.windowonwallstreet.com/.
Later this year, Omega Research intends to
launch TradeStation.com, the Internet version of
its flagship product, which the company believes
will be the Internet's first trading platform that
allows active traders to test, automate and
execute their own trading strategies.
TradeStation.com will combine the strategy
development, back-testing and automation of
TradeStation with the streaming real-time
delivery of market information and all other
features and functions incorporated in
WindowOnWallStreet.com.
On January 20, 2000, Omega Research and
OnlineTrading.com Corp. (Nasdaq: LINE - news),
a direct-access online brokerage for active
traders and professionals, announced a definitive
agreement to merge the two companies in an
all-stock combination. The strategic combination
of these two companies is expected to create
unparalleled brokerage services for the active
trader and professional: a seamlessly-integrated
trading platform that includes a powerful trading
strategy platform, streaming real-time market
quotes and news, and direct-access, intelligent
order-routing execution services. The
consummation of the merger is subject to
satisfaction of certain conditions, including, but
not limited to, the registration of the new holding
company's shares with the SEC and the listing of
such shares with The Nasdaq National Market.
The merger is expected to close late August or
early September 2000.
About OnlineTrading.com
OnlineTrading.com is an SEC and NASD
registered brokerage firm that specializes in
providing wealthy active individuals and
small-to-mid-sized institutions trade executions
via an institutional-styled trading desk and the
Internet. OnlineTrading.com's principal client
software product, O.R.D.E.R.S.(TM), allows users
to execute trades before and after market hours
while providing users in real time with: position
summaries, realized and unrealized trading P&Ls,
buying power, open orders, trading logs, and
average costs of positions acquired. The system
also includes a real-time quote machine with the
ability to view multiple Nasdaq Level II quotes,
an ECN book, tickers, real time charts, time and
sales, analytical tools, and the ability to
incorporate instantaneous news.
OnlineTrading.com also has a staff of registered
representatives available via telephone as well
as online for support to its customers.
This press release contains statements that are
forward-looking and are made pursuant to the
safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. When used in this
press release the words "believes," "plans,"
"estimates," "expects," "intends," "designed,"
"anticipates," "may," "will," "should," "could,"
"upcoming," "potential" and similar expressions, if
and to the extent used, are intended to identify
forward-looking statements. All forward-looking
statements are based largely on current
expectations and beliefs concerning future
events that are subject to substantial risks and
uncertainties. Actual results may differ materially
from the results suggested herein. Factors that
may cause or contribute to such differences
include, but are not limited to, the company's
ability to continue to effectuate its Internet
strategy and to develop and successfully market
the products and services described in this press
release (and the costs associated therewith);
the adequacy of working capital, cash flows and
available financing to fund the new business
model and sustain expected operating losses;
the acceptance of new products and services in
the marketplace; technical difficulties or errors in
the products and/or services; market pressure to
lower substantially or eliminate pricing on the
types of Internet subscription services described
as a result of such services being provided at
low or no additional costs by brokerages,
financial institutions and other financial
companies to their customers, or for other
market reasons; the company's customer and
active prospect base containing a substantially
lower number of interested subscribers and/or
brokerage clients than the company anticipates;
the failure to consummate the pending merger
with OnlineTrading.com at all (or on a timely
basis) due to regulatory issues or other reasons;
difficulty integrating the two companies from
technology, operational and marketing aspects;
potential NASD or other broker-dealer regulatory
issues arising from the merger and/or the
conduct of a brokerage business focused on
active traders; the success (and cost) of new
marketing strategies as a result of the merger;
the company's future participation in any merger
or other strategic alliance; unfavorable critical
reviews; increased competition (including
product and price competition); the level of
market demand for real-time decision support
tools, real-time data and/or online brokerage
services and/or website services generally; the
scalability, performance failures and reliability of
the company's data service network; the
entrance of new competitors into the market;
timing and significance of additional new product
and service introductions by the company and
its competitors; general economic and market
factors, including changes in securities and
financial markets; and other risks and
uncertainties indicated from time to time in the
company's filings with the Securities and
Exchange Commission including, but not limited
to, Omega Research's December 31, 1999 Annual
Report on Form 10-K, its registration statement
on Form S-4 filed April 17, 2000, as amended, as
well as other press releases, particularly those
released during and subsequent to the 1999 third
quarter.
CONTACT: Omega Research, Inc. | Sean Davis,
Vice President | of Investor and Media Relations
| 972-470-4742
|