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Sept. 26, 2000 OnLine Investments Launches MyStockFund.com, New Way for Investors to Build Self-directed Portfolio Online
Sept. 19, 2000 OnLine Investments, Inc. Announces Strategic
Sept. 12, 2000 Online Investments Announces New Subsidiary
Sept. 12, 2000 OnLine Investments, Inc. Engages BNY Clearing
Sept. 6, 2000 Online Investments, Inc. Appoints Management Online Investments, Inc. Appoints Management Team RESTON, VA, September 6, 2000 - OnLine Investments, Inc. (OLI) announced today major additions to its management team. Jerome Szelc has been appointed chief financial officer and Joe Lerner chief technology officer at the company. Other appointments include Carl Enroth, director of online services and Jane McInerney, director of marketing & sales. OLI is a financial services holding company based in Reston, VA.
"I am very enthusiastic and confident that the combined talents of OLI's management team will be the navigator of many OLI accomplishments moving forward," said founder and president of OLI, Stewart Christ. The company is expected to start the first phase of its product rollout later this year which will involve its wholly owned, broker-dealer subsidiary MyStockFund Securities Inc.
Prior to joining OLI, Mr. Szelc was a strategic financial planner for Columbia Energy Group, a $6 billion company. There, he gained an expertise in corporate finance, financial analysis and consulting. He received his B.S. in mechanical engineering as well as his MBA in finance and accounting from the University of Michigan. "Jerry's management strengths and finance expertise will be important to our growth as a company," said Mr. Christ.
Chief technology officer, Joe Lerner comes to OLI with a diverse background in technology and more than 15 years' experience in the design, implementation and delivery of interactive computer systems. Prior to joining OLI, Mr. Lerner was a senior architect for web-based e-commerce programs at Corporate Software & Technology. He was technical leader of its IBM/Lotus practice. He gained much of his expertise working as a technology consultant serving as a senior software developer for software companies involved in database design, client-server architectures and credit card industry client-server workflow applications. He received his BA from Ithaca College.
OLI also named Carl Enroth and Jane McInerney as director of online services and director of marketing and sales, respectively. Prior to his post at OLI, Mr. Enroth assisted in planning and constructing over 40 web sites for such clients as Bell Atlantic and American Express. He received his BS in economics from the University of Wisconsin.
Jane McInerney comes on board with more than 15 years experience, most recently as vice president of marketing at TRW. While at TRW, Ms. McInerney implemented programs for a new commercial business unit that contributed to growing revenue in excess of $50 million annually. She led the marketing of TRW's commercial e-business development and integration service. She also worked for MCI as senior marketing manager. She received her BS in business management from University of Dayton, and MBA in marketing from DePaul University.
Headquartered in Reston, Virginia, OLI is a financial services holding company developing a unique internet-based investment and savings service designed to meet the needs of long-term, buy and hold investors. The first phase of the product rollout is scheduled for November 2000. To learn more, visit us at www.olistocks.com.
Online Investments Engages BNY Clearing Services as Back Office for Internet Investment Program RESTON, VA, September 12, 2000 - OnLine Investments, Inc. (OLI), a financial services holding company, today announced that it has entered into an alliance with BNY Clearing Services LLC (BNYCS), a subsidiary of The Bank of New York, to develop and operate its back-office system to support OLI's Internet-based investment product. Under terms of the agreement, BNYCS will be the clearing broker responsible for service bureau processing, trade execution, and record keeping on behalf of OLI's wholly-owned broker-dealer subsidiary MyStockFund Securities, Inc. OLI reported that the agreement with BNY Clearing Services was for five years. Other financial terms of the deal were not disclosed.
OLI will introduce a cost effective, easy-to-use investment product that it plans to launch in the fall. The service will enable long-term investors to build a portfolio of stocks online.
"This agreement with BNYCS will help ensure that all back-office functions related to this new type of investment program are performed efficiently, promptly and properly," stated Stewart Christ, president and chief executive officer of OnLine Investments, Inc.
"We are very pleased to have a clearing firm of the caliber of BNYCS on board. We consider this agreement to be a very important component of the service particularly from an operational standpoint. The system that BNYCS develops will be a key factor in the successful implementation of this product."
Michael Viviano, chairman and chief executive officer of BNYCS, commented, "We are pleased to be playing a role in this innovative investment program, which is bringing an important new capability to the personal finance industry. As it becomes available to investors, it will add a new dimension to their ability to allocate assets and create a new way for smaller individual investors to include a greater variety of stocks in their personal portfolios."
ABOUT ONLINE INVESTMENTS, INC.
With headquarters in Reston, Va., OnLine Investments, Inc. (OLI), is a financial services holding company that has developed a convenient and cost-effective Internet-based investment and savings product geared to long-term investors, many of whom do not currently own common stocks. Co-branded versions of the product are available through channel partnerships that OLI will be establishing with organizations, affinity groups, financial services and benefit providers. To learn more, visit us at www.olistocks.com.
ABOUT BNY CLEARING SERVICES
BNY Clearing Services LLC* is a subsidiary of The Bank of New York and provides securities clearing, execution, and settlement to broker/dealers, banks and other financial intermediaries throughout the world. It is a member of the New York Stock Exchange and other principal exchanges. Additional information is available at To learn more, visit us at www.bnyclearing.com.
The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank. It is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a financial holding company. With over $76 billion in total assets as of June 30, 2000, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Financial Market Services. Additional information on the Company is available at www.bankofny.com.
Online Investments Announces New Subsidiary Names James S. Currier President RESTON, VA, September 12, 2000 - OnLine Investments, Inc. (OLI), a financial services holding company, today announced the formation of a first wholly owned subsidiary, MyStockFund Securities, Inc., a broker-dealer. OLI also announced that James S. Currier, CFP, has been named President of the new subsidiary, which is based in Ferndale, Michigan. The broker-dealer subsidiary will be a critical element in a co-branded personal finance and investment e-commerce service that the company plans to introduce later this year.
Prior to joining MyStockFund Securities, Inc., Mr. Currier, served as President of Troy, Michigan-based MMS Securities*, the broker dealer that administers a wide variety of investment programs ranging from retail services to supporting investor club stock service plans. While at MMS, he planned, implemented and managed the broker-dealer from infancy through the National Association of Securities Dealers (NASD) membership process and successfully registered in all fifty states.
"With over 15 years of financial services experience, Jim Currier brings an excellent track record with an expertise in the complexities of broker-dealer operations which is a key component of our business plan," said Stewart Christ, founder, President and CEO of OLI. "The formation of the broker-dealer, MyStockFund Securities, is the engine for our unique online investment service which is expected to be launched in the coming months ahead," he added.
Mr. Currier, resides in Bloomfield Hills, Michigan, received a BBA in accounting and business administration from Western Michigan University and an MBA in finance from the University of Detroit. He has also completed the CFP Board of Standards from the National Endowment for Financial Education, earning the designation of Certified Financial Planner. He currently holds Series 7, 24, 27 and 63 licenses with the NASD.
Headquartered in Reston, Virginia, OLI is a financial services holding company is developing a unique internet-based investment and savings service designed to meet the needs of long-term, buy and hold investors. The first phase of the product rollout is scheduled for November 2000. To learn more, visit us at www.olistocks.com.
OnLine Investments, Inc. Announces Strategic Alliance and Targets Credits Union Market with Investment Product Company Joins Forces With Credit Union ONE, Michigan's RESTON, VA, September 12, 2000 - OnLine Investments, Inc. (OLI), a financial services holding company, today announced that it has formed a strategic alliance with Credit Union ONE, Michigan's largest cooperative credit union. Under terms of the deal, OLI, through its wholly owned subsidiary, MyStockFund Securities, Inc., will provide broker-dealer and customized investment services to Credit Union ONE's 110,000 members**. Eventually, the organizations will work together to offer the investment program to the credit union industry at large, a target market of nearly 80 million members. OLI has developed a cost-effective and easy-to-use investment product enabling long-term investors to build a self-directed portfolio of largely blue chip stocks through the purchase of fractional shares via the Internet. It will be marketed on a co-branded basis through channel partners -- the first of which is Credit Union ONE. We have joined forces with Credit Union ONE to address many of the key concerns facing investors who have been skeptical about participating in the stock market," said Stewart Christ, President and CEO of OnLine Investments, Inc. "Our product meets the needs of experienced equity market investors but it is especially designed for the under-served middle-market, buy and hold investor -- a group that has been largely excluded from participating in the stock market due to barriers formed by high share prices, steep minimum balances, inconvenience, and general skepticism of the online brokerage industry," Mr. Christ said. "We believe the demographics among credit union members falls squarely into this category," he added. In support of the program, OLI has designed a co-branded educational marketing campaign initially geared to Credit Union ONE's membership. It is this campaign that will eventually be employed to reach credit unions and their members nationwide. That effort will be spearheaded by Armando R. Cavazos, President and CEO of Credit Union ONE. Mr. Cavazos is a 25-year credit union veteran with national ties to the industry. "Philosophically credit unions are an ideal target market for OLI's new product because as a rule they maintain sound relationships with their members, possess a solid reputation of trust and are continually looking for quality services that will help maintain and grow their member base," said Mr. Cavazos. "We also strive to educate our members and provide vehicles through which they can build wealth over the long-term. For some time now, Credit Union ONE has been looking to expand their e-commerce offerings. Since over 80% of our transactions are already done electronically, this new service is a great addition to our existing product offerings and fits neatly into our e-business strategy," said Mr. Cavazos. ABOUT ONLINE INVESTMENTS, INC. Headquartered in Reston VA, OnLine Investments, Inc. (OLI), is a financial services holding company that has developed a convenient and cost-effective internet-based investment and savings product geared to long-term investors - many of whom do not currently own common stocks. Co-branded versions of the product, which enables investors to purchase fractional shares in a variety of stocks via the Internet, are only available through channel partnerships OLI will be establishing with organizations, affinity groups, financial services and benefit providers. To learn more visit us at www.olistocks.com ABOUT MYSTOCKFUND SECURITIES, INC. Managed by James S. Currier, president, MyStockFund Securities Inc. (MSFS), headquartered in Ferndale, Michigan, is the wholly owned broker-dealer subsidiary of OnLine Investments Inc. (OLI). MSFS is the sole provider of a securities trading platform for OLI's Internet investment program, the first service to be launched in November 2000, offering an investment medium that allows for consolidated purchasing of fractional shares on an annual-fee basis for consumers through affinity marketing channels. ABOUT CREDIT UNION ONE Headquartered in Ferndale, MI Credit Union ONE is one of Michigan's largest and most diverse cooperative credit union, serving 110,000 members and over 800 large and small businesses, statewide. It has 17 offices in three major metropolitan areas: Metro Detroit, Grand Rapids and Traverse City. Credit Union ONE offers checking accounts, mortgages, a personal financial management center, and an insurance center. Visit Credit Union ONE at www.cuone.org
OnLine Investments Launches MyStockFund.com, New Way for Investors to Build Self-directed Portfolio Online Program to be Offered On Co-Branded Basis With Various RESTON, VA, September 12, 2000 - OnLine Investments, Inc. (OLI), a financial services holding company, today launched a one-of-a-kind investment vehicle that enables long-term investors to build a self-directed portfolio of largely blue-chip stocks through the purchase of fractional shares via the Internet. The program, MyStockFund.com, is marketed on a co-branded basis through channel partners, organizations that offer it as an investment option to their members or customers.
The company last week announced its first channel partner Credit Union ONE, Michigan's largest cooperative credit union. Other targets include, third-party payroll administrators, benefit providers, large corporate employers, associations, labor unions and 401K platforms.
The company said the strategy will allow it to reach a vast number of prospects for the service, while operating on a very efficient business-to-business model, avoiding the huge expenses of a direct business-to-consumer approach.
Through dollar-based, fractional share investing, MyStockFund.com allows customers with minimal investment capital to create a diversified stock fund, with as little as a $10 per stock minimum. Investors can automate the process by electing
payroll deduction or automatic bank account debiting. A key factor differentiating MyStockFund.com is its pricing, OnLine Investments said. The service is provided for a flat annual fee, potentially saving an investor hundreds of dollars a year over transaction-priced brokerage products.
"We believe our distribution strategy and pricing set us apart from other online stock brokers," said Stewart Christ, president and chief executive officer of OnLine Investments, Inc. "Our channel partners enjoy great trust and credibility among their members and customers. These relationships will help us as we reach out to the market. At the same time, our partners will be offering something of great value and utility to their constituents and are gaining a powerful offering to bolster member retention and loyalty. This type of flat fee brokerage service just isn't available elsewhere."
The MyStockFund.com web site has been designed for ease of navigation and use, and allows investors to perform the complete range of necessary activities, including subscribing to the service, making account changes, monitoring their portfolio and learning basic investing techniques. OnLine Investments earlier formed a broker-dealer subsidiary, MyStockFund Securities, Inc., which will serve as broker-dealer for MyStockFund.com. Clearing services will be provided by BNY Clearing Services, LLC, a Bank of New York company.
"This service marries the explosive growth of online investing with the emerging middle-market novice investor demographic, which has up to now been
under served by the online brokerage community," said Mr. Christ. "Now these individual investors will be able to build and direct stock funds that reflect their personal goals and priorities."
OnLine Investments said it has initiated a pilot program in advance of offering the product to the members of its first channel partner. Approximately 100 customers are taking part in the six-week trial, which is intended to ensure that the web site and back office systems are operating properly. OnLine Investments, Inc. said the site will be available to the channel partners' members in November.
ABOUT ONLINE INVESTMENTS, INC.
With headquarters in Reston Va., Online Investments, Inc. (OLI), is a financial services holding company that has developed a convenient and cost-effective Internet-based investment and savings product geared to long-term investors, many of whom do not currently own common stocks. Co-branded versions of the product, which enable investors to purchase fractional shares in a variety of stocks via the Internet, are available through channel partnerships OLI will be establishing with organizations, affinity groups, financial services companies and benefit providers. To learn more, visit us at www.olistocks.com.
For OnLine Investments and MyStockFund Securities, Inc. public relations, contact:
Jane McInerney Philip Nourie
For investor relations, contact:
Jerry Szelc Corporate Address:
OnLine Investments Inc.
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Management Team | Press| Contact | Home * Member, National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC). ** Security products offered by MyStockFund Securities, Inc. are not insured by the FDIC, are not deposits or other obligations of Credit Union ONE and are not guaranteed by Credit Union ONE, and are subject to investment risks, including possible loss of principle invested. ©1999, 2000 Online Investments, Inc. | Terms of Use | Privacy Policy |
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