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PSG ONLINE ACQUIRES WENTECH ASSETS TUESDAY, OCTOBER 26, 1999
PSG ONLINE, A DIVISION OF PSG INVESTMENT SERVICES, HAS PURCHASED THE ASSETS OF JSE-LISTED WENTECH FOR R7,5-MILLION CASH IN A STRATEGIC MOVE AIMED AT FURTHER ENHANCING ITS ONLINE INVESTMENT SERVICES.
ONLINE, WHICH IS GEARING FOR A LISTING EARLY NEXT YEAR, CURRENTLY OFFERS FULL SERVICE BROKING AND RESEARCH FACILITIES TO PRIVATE INVESTORS VIA THE INTERNET, WHILE THE WENTECH OPERATIONS INCLUDE FINANCIAL, STOCK MARKET AND EDUCATIONAL PRODUCTS.
THE ACQUISITION IS THE FIRST IN A SERIES OF PLANNED DEVELOPMENTS PUTTING ONLINE AT THE FOREFRONT OF WEB-BASED INVESTING, ENABLING THE COMPANY TO OFFER MARGIN TRADING, UNIT TRUSTS AND WRAP FUNDS AS PART OF ITS PRODUCT RANGE IN THE NEAR FUTURE.
INCLUDED IN THE TRANSACTION ARE WENTECH'S CLIENT DATABASE, ITS WEN SOFTWARE PROVIDING SPECIALISED TECHNICAL AND FUNDAMENTAL ANALYSIS AS WELL AS PORTFOLIO MANAGEMENT SYSTEMS, STOCK MARKET EDUCATION COURSES FOR "DO-IT-YOURSELF" INVESTORS, A TECHNICAL ANALYSIS SOFTWARE PACKAGE AND THE WELL-KNOWN MCGREGOR'S "WHO OWNS WHOM" IN HARD-BACK FORMAT.
"THE PREMISE OF THE MERGER IS THE UNLOCKING OF SYNERGIES BETWEEN THE TWO BUSINESSES AND THE EFFICIENT UTILISATION OF THE ALMOST 80 000 COMBINED INVESTOR DATABASE," SAYS PSG INVESTMENT SERVICES CHAIRMAN JAAP DU TOIT. "IN ADDITION THE ACQUISITION SIGNIFICANTLY ENHANCES THE SERVICE LEVELS AND PRODUCT RANGE OFFERED BY ONLINE".
ACCORDING TO DU TOIT, PSG ONLINE FORESEES A LARGE MIGRATION BY TRADERS FROM TRADITIONAL STOCKBROKERS TO INTERNET-BASED SERVICES OVER THE NEXT THREE YEARS. "ONLINE'S ROLE HAS BEEN TO LEVEL THE INVESTMENT PLAYING FIELDS AND OUR ACQUISITION OF THE WENTECH ASSETS FURTHER ASSISTS THE COMPANY IN THIS GOAL. WE WILL BE PUTTING INVESTMENT EDUCATION AT THE FOREFRONT OF OUR OFFERING AND THROUGH THE USE OF THE INTERNET, RESEARCH TOOLS AND ANALYSIS, EMPOWER CONSUMERS TO MAKE INFORMED ONLINE INVESTMENT DECISIONS THEREBY ASSISTING THEM ACHIEVE THEIR FINANCIAL GOALS".
PSG ONLINE, WHICH COMMENCED OPERATIONS AT THE BEGINNING OF YEAR, IS ALSO IN THE PROCESS OF FORMING AN ALLIANCE WITH AN INTERNATIONAL ONLINE PLAYER.
PSG ONLINE IS JOINTLY HEADED BY ANDRE MAARTENS AND DIEDRICH SCHUTTE. ENDS
ISSUED BY: SUSAN LABUSCHAGNE, SIMEKA TWS COMMUNICATIONS TEL: (021) 421-6584 ON BEHALF OF: PSG INVESTMENT SERVICES 15TH FLOOR, THE TERRACES 34 BREE STREET, CAPE TOWN CONTACT: ANDRE MAARTENS, CEO, PSG ONLINE TEL: (011) 838-6916 E-MAIL: ANDRE@PSGONLINE.CO.ZA
DIEDRICH SCHUTTE, CEO, PSG ONLINE TEL: (011) 838-6916 E-MAIL: DIEDRICH@PSGONLINE.CO.ZA WEB SITE: WWW.PSGONLINE.CO.ZA
