FOLIOfn signs multi-million dollar licensing agreement with global financial company
VIENNA, Va. - FOLIOfn, Inc. will license its software and intellectual property to a multi-national financial services company for use in a foreign market. The license arrangement is expected to bring in "several million dollars" in revenue during the balance of 2002 and into 2003. Due to "competitive reasons," FOLIOfn can not divulge the name of the company or the foreign market in question, said Kara Palamaras, communications director. "This agreement marks a very significant milestone for our company," said Steven Wallman, founder and CEO of FOLIOfn. "This market environment has been challenging to most financial services companies over the past two years. We launched our first offering at the beginning of a very volatile bear market, and have had to grow against that headwind ever since." Wallman said the "additional financing and revenues that are now committed from other sources, has allowed us to overcome those hurdles and to grow successfully as an independent company." The company "will still look for growth capital, but (the) license and the related revenue and financing activities we currently have committed should allow us to achieve our financial goals over the next couple of years," he added. FOLIOfn, is a financial services technology company that delivers brokerage and investment solutions to financial services firms. Through its registered self-clearing broker-dealer subsidiary, FOLIOfn Investments, Inc., the company offers an integrated brokerage and technology platform featuring Folio-trading capability, execution, clearance and settlement services.