EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Investor Relations: Media Relations:
John Pitt Calvin Mitchell
Instinet Group Incorporated Instinet Group Incorporated
212 310 7481 212 310 7520
john.pitt@instinet.com calvin.mitchell@instinet.com
Instinet Announces Expiration of
Hart-Scott-Rodino Waiting Period
NEW YORK, August 26, 2002 - Instinet Group Incorporated (Nasdaq: INET) today
announced that the waiting period under the Hart-Scott-Rodino Antitrust
Improvement Act of 1976, in connection with Instinet's proposed acquisition of
Island Holding Company, Inc., expired without a formal request from the
Department of Justice for additional information, which is commonly referred to
as a `second request'.
Instinet's acquisition of Island remains subject to other regulatory approvals
and approval by stockholders of Island at a meeting scheduled for September 10,
2002.
About Instinet
Instinet, through affiliates, is the largest global electronic agency securities
broker and has been providing investors with electronic trading solutions for
more than 30 years. Our services enable buyers and sellers worldwide to trade
securities directly and anonymously with each other, have the opportunity to
gain price improvement for their trades and lower their overall trading costs.
Through our electronic platforms, our customers also can access over 40
securities markets throughout the world, including Nasdaq, the NYSE and stock
exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and
Zurich. We also provide our customers with access to research generated by us
and by third parties, as well as various informational and decision-making
tools. Unlike most traditional broker-dealers, we act solely as an agent for our
customers and do not trade securities for our own account or maintain
inventories of securities for sale.
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This press release is for information purposes only and is not intended as an
offer or solicitation with respect to the purchase or sale of any security.
(C) 2002 Instinet Corporation and its affiliated companies. Member NASD/SIPC and
a subsidiary of Instinet Group Incorporated. All rights reserved. INSTINET and
the INSTINET Mark are service marks in the United States and in other countries
throughout the world.
We urge you to read the proxy/information statement-prospectus dated August 8,
2002 relating to the proposed acquisition of Island Holding Company, Inc. (the
"Transaction"), which Instinet filed with the Securities and Exchange Commission
as part of a Registration Statement on Form S-4 on August 8, 2002, because it
contains important information. The proxy/information statement-prospectus was
sent on or about August 12, 2002 to stockholders of Instinet and Island. You may
obtain a free copy of the proxy/information statement-prospectus and other
documents filed by Instinet with the SEC at the SEC's website at www.sec.gov.
You may also obtain these documents free of charge from Instinet by directing
such requests to: Instinet Group Incorporated, 3 Times Square, New York, New
York 10036, Attention: Investor Relations (tel.: (212) 310-4595).
This press release contains certain statements that are neither reported
financial results nor other historical information. These statements are
forward-looking statements within the meaning of the safe-harbor provisions of
the U.S. federal securities laws. Because these forward-looking statements are
subject to risks and uncertainties, actual future results may differ materially
from those expressed or implied by the statements. In particular, statements
regarding the consummation of the Transaction are subject to risks that the
closing conditions to the Transaction will not be satisfied, including the risk
that regulatory approvals will not be obtained, or that tax-free treatment for
US purposes for the Instinet shares to be received by the shareholders of Island
cannot be achieved. In addition, statements regarding the expected benefits of
the Transaction are subject to the risk that expected synergies will not be
achieved, risks related to the integration of the companies' operations, and to
the general risks associated with the companies' businesses, including those
described in Instinet's filings with the SEC, including under the caption "Risk
Factors" in the proxy/information statement-prospectus, in Instinet's Form 10-Q
for the period ended June 30, 2002 and in other documents filed with the SEC and
available on Instinet's website at www.instinet.com. Certain information
regarding Nasdaq trading volumes is also included in Instinet's Annual Report on
Form 10-K for the period ended December 31, 2001 and on Instinet's website.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this document. Instinet does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date of
these materials.