VANCOUVER, B.C., March 2, 2004 (PRIMEZONE) -- Stockgroup Information Systems Inc. (OTCBB:SWEB) (TSX-V:SWB), a leading provider of financial information and technology, announced today that Mr. Patrick Spain has agreed to join Stockgroup in an advisory capacity. It is expected that he will stand for election to the company's board of directors at its next annual meeting.
Mr. Spain is the Chairman and CEO of Highbeam Research, LLC (formerly Alacritude, LLC.), which operates an online research engine for individuals. He is also the cofounder and former Chairman and CEO of Hoover's, Inc. a leading online provider of company information headquartered in Austin, Texas. He helped found Hoover's (then known as The Reference Press) in 1990, serving as its CEO from 1993 to 2001 and chairman from 1994 to 2002. During his tenure Mr. Spain led Hoover's from an unprofitable private book publishing company with a few hundred thousand dollars of revenue to a publicly traded profitable media and business Information Company. Hoovers was bought by Dun & Bradstreet in March 2003 for US$119 million.
Mr. Spain was among the first to recognize the value of online services (in 1993 Hoover's became AOL's first business information offering) and the Internet (the company launched one of the first subscription-based Internet services in 1995) to build brand, expand sales reach, and lower marketing, selling and distribution costs for publishing companies. By using technology to reach millions of businesspeople cost-effectively, Spain created a unique, rapidly growing business enterprise that generated multiple revenues from individual and enterprise subscriptions, advertising, licensing, and e-commerce. In 2002 and 2003 Spain raised $4.3 million from individual and venture investors to start and purchase the assets to create HighBeam Research. Spain sits on advisory boards of several private technology companies and holds a B.A. from the University of Chicago in Ancient History and a J.D. from Boston University.
"I am excited about my association with Stockgroup and the opportunity to help the company to refine its vision. With its recent milestone of turning profitable and its relationship with the Associated Press, Stockgroup has great potential. I look forward to helping the company continue to grow its revenues and profitability," said Spain.
Marcus New, CEO of Stockgroup said, "Our board of directors is comprised of leading professionals from the business community. Patrick Spain has met with our board of directors over the past few months and has expressed his confidence and excitement in the future of the company. We're very fortunate to have someone with Patrick's experience to assist us in moving our company into the next stage of growth."
Craig Faulkner has resigned from the board of directors to pursue other business matters. We want to thank Craig for his many years of contribution.
Stockgroup's Financial Content Software System and its Disclosure and Awareness Products for publicly traded companies are proving to be an increasingly significant source of reoccurring monthly revenue for the company. Stockgroup has over 200 hundred corporations in Canada and the United States now licensing or using Stockgroup products under annual or multi year contractual agreements.
About Stockgroup
Stockgroup Information Systems Inc. is a financial media and technology company. It is a leading provider of private labeled financial content and software solutions to media, corporate, and financial services companies. Stockgroup employs proprietary technologies which enable its clients to provide financial data streams and news combined with cutting edge fundamental, technical, productivity, and disclosure tools to their customers, shareholders, and employees at a fraction of the cost of traditional internal methods. Stockgroup is also a provider of Public Company Disclosure and Awareness Products for publicly traded companies. Its financial web sites including www.stockhouse.com, www.stockhouse.ca and www.smallcapcenter.com are state of the art online research centers for the investment community. To find out more about Stockgroup (OTCBB: SWEB, TSX-V: SWB), visit our website at www.stockgroup.com
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