EXHIBIT 99.2
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 To Complete Acquisition of Island ECN on September 20, 2002
$1.00 Per Share Dividend to be Paid to Stockholders of Record on September 19,
2002
New York, September 12, 2002 - Instinet Group Incorporated (Nasdaq: INET)
announced today that it intends to complete its previously announced acquisition
of Island ECN on September 20, 2002. Once all closing conditions have been
satisfied, the company intends to pay a special cash dividend of $1.00 per
common share. Instinet's Board of Directors authorized payment by the company of
the dividend to Instinet stockholders of record on September 19, 2002, subject
to the closing of the transaction on September 20, 2002. This payment shall be
made on or about October 3, 2002.
The acquisition brings together superior trading platforms with a common goal of
improving customers' performance by applying innovative technology solutions to
equity trading. The combined business will offer professional investors and
traders access to a deep liquidity pool and a broad range of value-added
services. As an attractive alternative to other market offerings, the combined
business will also help preserve investor choice -- now and following the
anticipated introduction of Nasdaq's SuperMontage system next month.
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. For more information, please go to
www.instinet.com.
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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.
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 Island transaction are subject to risks that
the closing conditions to the transaction will not be satisfied. 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 filed with the Securities and Exchange
Commission as part of a Registration Statement on Form S-4 on August 8, 2002, 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.