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Q-Seven Systems Inc. Signs Letter of Intent with Beth Shearim AG for European Online Brokerage
Business Wire - June 29, 1999 11:50
MONHEIM, Germany-(BUSINESS WIRE)--June 29, 1999--Q-Seven Systems Inc. (OTC BB:QSSY) is pleased to announce that a letter of intent was signed today by Beth Shearim AG of Kaarst, Germany, and Q-Seven Systems Inc. stating that Beth Shearim AG will use Q-Seven Systems' Software to open an Online Brokerage Service in Europe.
The letter was signed after Philipp Kriependorf, President of Q-Seven Systems, and Marc Wallendorf, Managing Director of Beth Shearim, had returned from New York where details of the project had been discussed with several large American Brokerage Houses.
The online brokerage service will cater especially to the German speaking market which is currently evolving into the largest European Internet market. A large variety of financial products are planned to be made available to German investors -- including stocks, stock options, futures and commodities.
With its entry into the market, the company plans a stock market simulation game that will assist in presenting the system to the public. According to the management of both companies, it is planned to hit the market before E-TRADE (Nasdaq:EGRP), one the largest American online Brokers opens its European subsidiaries.
The Management of Beth Shearim plans to establish a new German company to run the brokerage service. In addition to payment, Q-Seven Systems Inc. will receive a percentage of ownership in the new company for its services.
Q-Seven's User Management Software can be used to run various kinds of internet businesses. However, the Company focuses on the fastest growing and most lucrative industries on the net: online gaming, online shopping and adult entertainment. Q-Seven's site can be visited at: www.q-seven.com.
The management of Q-Seven cautions readers not to place undue reliance on "forward-looking statements," such as "plans to," "is expected to," etc. which speak only as of the date made, when used in this press release, in filings with the SEC, in other public or stockholder communications, or in oral statements made with the approval of an authorized executive officer of the Company. Such statements are based on certain assumptions and expectations which may or may not actually occur and which involve various risks and uncertainties.
Note to Editors: E-TRADE should be written with an asterisk in place of the hyphen.
CONTACT: Q-Seven Systems Inc.
Philipp Kriependorf, +49-2173-330-3630 (Press Only)
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