Number of images to preload. Under the terms of the termination agreement, GlobalNetFinancial and Telescan have entered into a share exchange in which Telescan will deliver to GlobalNetFinancial 272,500 shares of GlobalNetFinancial common stock currently owned by Telescan, and in exchange GlobalNetFinancial will deliver to Telescan the 545,000 shares of Telescan common stock currently owned by GlobalNetFinancial. GlobalNetFinancial is leveraging its highly trafficked websites by partnering globally with leading ISP's and Internet portals, direct access share trading companies and other brokerage and clearing firms to create an international network of online transaction businesses dealing in North American and European stocks, foreign exchange and other financial services such as insurance. GlobalNetFinancial owns substantial stakes in these transaction businesses. The group manages more than 1.2 million actual users and more than 50,000 paying subscribers.
Revenue is generated through both advertising and subscription sales.
Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, some of which are out of the control of the Company. Accordingly, the company's actual results could differ materially from those discussed in this release. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. A more complete listing of cautionary statements and risk factors is contained in the company's report filed with the Securities and Exchange Commission.