Exhibit 20.1
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NEWS RELEASE
CONTACT:
Media Relations Investor Relations
Courtney Darby/Melissa Fox Joseph Jaffoni
Middleberg + Associates Jaffoni & Collins Incorporated
(212) 699-2545/2552 (212) 835-8500
courtney@middleberg.com mltx@jcir.com
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melissa@middleberg.com
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Shareholders Approve Multex.com Acquisition of Market Guide
To Create Internet's Leading Investment Research Network
- Names New Board Members -
NEW YORK, September 22, 1999 -- Multex.com, Inc. (Nasdaq: MLTX) and
Market Guide Inc. (Nasdaq: MARG) announced that shareholders of both
companies voted today to approve Multex.com's acquisition of Market Guide.
The acquisition will create one of the Web's leading investment research
networks, serving hundreds of brokerage firms, Internet portals and
financial Web sites, and millions of investors worldwide. Under the terms
of the acquisition agreement, Market Guide shareholders will receive one
share of Multex.com for each share of Market Guide common stock they own.
The closing of the acquisition is expected to be completed tomorrow.
Multex.com also announced that the President and Chief Executive Officer
of Market Guide, Homi Byramji, has joined Multex.com's board of directors.
Separately Multex.com also reported that its President, James M.
Tousignant has also been named to the Board; the two appointments increase
the size of the Multex.com board to eight members.
"By combining two of the Internet's leading financial content companies,
we will create what we believe is the Internet's largest and fastest
growing interactive financial network, bringing hundreds of merchants of
financial services and content together with millions of investors
worldwide", said Multex.com CEO and Chairman Isaak Karaev. "This
combination substantially increases and leverages our complimentary
Internet distribution partnerships, business models, proprietary content,
audience reach and technology platforms. The acquisition will also
dramatically expand the quantity and scope of Multex.com's proprietary
financial content and analysis, strengthening the Company's position as
the leading investment research network on the Internet for investors."
"We expect to move swiftly to integrate the management, staff, and
operations of Market Guide into Multex.com", said James M. Tousignant,
President of Multex.com. "We also expect to move quickly to integrate
Market Guide's proprietary financial databases into our business-to-
business services, including MultexNET and Multex Research-on-Demand, as
well as our business-to-consumer services, MultexEXPRESS and The Multex
Investor Network."
"This transaction is a win-win for both Multex.com and Market Guide
shareholders, as well as the growing number of individual and
institutional investors who increasingly rely on the Internet for premiere
content available through a wide range of online distribution partners",
said Homi Byramji, President of Market Guide. "Multex.com will now supply
more portals and financial Web sites with high quality investment
information, including brokerage research, earnings estimates and company
fundamental data, than any other financial content provider. In addition,
Multex.com's expanded network of Internet distribution partners will
enable millions of individual and institutional investors worldwide to
access Market Guide's leading content.''
Shareholders Approve Multex.com Acquisition of Market Guide, 9/22/99
It is expected that Multex.com's investment research and earnings
estimates will soon be available through Market Guide's Web site
(http://www.marketguide.com) as well as through its over 100 leading
Internet distribution partners, which include leading brands such as
America Online, Ameritrade, Bridge Information Systems, CBS MarketWatch,
Charles Schwab & Co., CNNfn, E-Trade, FactSet Research Systems, Reuters,
The Motley Fool, The Street.com, Wall Street Journal Interactive,
Waterhouse Securities and Yahoo!.
Based on the number of shares of Market Guide Common Stock and options to
purchase shares of Market Guide Common Stock outstanding, Multex.com will
issue approximately 4,865,000 shares and assume Market Guide options
representing the right to purchase approximately 655,000 shares of
Multex.com Common Stock. Upon consummation of the acquisition, Multex.com
will have approximately 30.5 million fully diluted common shares
outstanding. Market Guide Inc. is retaining its key management and will
be operated as a wholly owned subsidiary of Multex.com, Inc.
At the Multex.com shareholder meeting, shareholders also approved an
amendment to the Company's certificate of incorporation to increase the
size of the Company's board of directors to a maximum of eleven members
and an amendment to the Company's 1999 Stock Option Plan increasing the
number of shares reserved for issuance thereunder by 2,500,000.
About Multex.com
Multex.com (http://www.multex.com) is a leading provider of online
investment research and information services designed to meet the needs of
individual and institutional investors, including investment banks,
brokerage firms and corporations. Multex.com's services enable timely
online access to over 1.5 million research reports and other investment
information on over 26,000 companies published by more than 550 investment
banks, brokerage firms and third-party research providers worldwide. More
than 1,500,000 individual investors, institutional investors and financial
professionals, including mutual fund managers, portfolio managers, brokers
and their clients have access to Multex.com's services. The Multex
Investor Network (http://www.multexinvestor.com) is an Internet service
targeting the rapidly growing online individual investor market.
About Market Guide
Market Guide Inc., the benchmark for quality financial information, is the
leader in providing the broadest coverage of professional grade financial
data over the Internet. Market Guide supplies more professional Web sites
with quality investment data than any other database and software company.
Market Guide specializes in the compilation, integration, display and
delivery of a superior quality database of descriptive and analytic
information on over 12,000 publicly traded domestic and foreign
corporations. Well known to professional investors for 16 years, the
company distributes its services through more than 100 online vendors and
independent finance oriented web sites including, ADP, AltaVista, America
Online, Ameritrade Holding Corp., Bridge Information Systems,
Briefing.com, CNNfn, Charles Schwab & Co., DBC, FactSet Research Systems,
Individual Investor Group, National Discount Brokers Group, One Source, PC
Quote, Pointcast, Quote.com, Reuters, Telemet America, The Motley Fool,
TheStreet.com, Track Data, Wall Street Journal Interactive, Wall Street
Source, Waterhouse Securities and Yahoo!, as well as through its own Web
site - The Market Guide Investment Center (http://www.marketguide.com).
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Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
You are cautioned that such forward-looking statements involve significant
risks and uncertainties. Actual results may differ materially from those
in the forward-looking statements due to a number of factors, including
and without limitation: (i) risks involved in assimilating Market Guide,
risks involved in integrating, retaining and motivating key Market Guide
personnel, risks related to integrating and managing geographically-
dispersed operations, risks related to integrating the technologies and
infrastructures of the companies, and risks related to the acceptance by
Market Guide's customers of the acquisition; (ii) risks inherent in Market
Guide's business, such as its dependence on maintaining relationships with
key customers; (iii) the risk that Market Guide's customers and
distribution partners will not utilize any additional services of the
combined company; (iv) risks relating to the achievement by Multex.com of
new revenues from Market Guide's operations; and (v) risks relating to
Multex.com's ongoing operations as detailed in Multex.com's filings from
time to time with the Securities and Exchange Commission. Multex.com does
not assume any obligation to update the forward-looking information
contained in this press release.