CENTURY CITY, Calif. Sept. 21,2001 (PRIMEZONE)-- Collaborative Financial Network Group Inc. ("CFN" or the "Company") (OTCBB:CFNF), (Frankfurt Stock Exchange: EFD), a financial portal providing services through both an ASP (Application Service Provider) and a "white label" model to customers, proudly announces its first full deployment of the IWIWEB Trading system through a Strategic Partnership with the Voyager Group of Companies, a Bermuda, Bahamas and British Virgin Islands based investment group
Today the Board of Directors of CFN announced that an alliance has been formed with the Voyager Group of Companies and through this partnership, the Company has agreed to White label for Voyager, CFN's international trading platform.
The Voyager Group of Companies is a privately held, Offshore Financial Group specializing in Private Wealth Management and service to the International Institutional investor. Voyager plans to launch a Bahamas based wealth management product through a VPN, to its discerning international client base. It is anticipated that Voyager will be the first of many world-class institutions to license CFN's IMIWEB Trading systems.
Chairman of the Board, John Huguet, commented, " These are difficult times for the financial services industry, we as a Board have determined not to allow the vagaries of the availability of Venture Capital interfere with implementation of our plan. Therefore we have decided to proceed with a strategic alliance with Voyager Group and not an acquisition as our L.O.I. indicated. As a direct consequence Mr. Lemmon will step down as President and CEO, he will however, continue as a Director.
This is in full cooperation and partnership with Voyager. We may revisit the acquisition option in the future, but for today we are pleased to go forward on a partnering basis." Mr. Huguet further commented, "Once implemented, this system will allow a base for electronic direct access that is unprecedented."
Paul Lemmon, CEO of Voyager Group of Companies added, "CFN provides through its global exclusive deployment of the IMIWEB platform, a sophisticated online multi-market platform that will enhance our service to lower costs and provide timely execution"
IMIWEB Bank is an online trading and banking company of San Paolo IMI, listed on the Italian Stock exchange as SPI and also quoted on the New York Stock Exchange (NYSE:IMI). This system will allow the customers of CFN and Voyager to experience the revolutionary, state of the art, customer-friendly proprietary features and financial tools. The system enables investors to work in a multi-lingual, multi-currency environment with direct access to registered brokers in the electronically traded stock markets of Europe and the U.S.
Companies interested in utilizing this turnkey application may contact the Company at: mailto:cfnusa@adelphia.net, attention: Jeff Michel.
Forward-looking statements and comments in this news release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the Company to complete the transaction and enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.