LAS VEGAS--(BUSINESS WIRE)--Forex International Trading Corp. (the "Company") (OTCBB: FXIT), a company, through its affiliates, which is principally engaged in offering a web-based foreign currency trading platform to non-US residents, professionals and retail clients, today announced that it has acquired a 50% equity interest in Wheatley Asset Management (“Wheatley”), an Introducing Broker, Forex firm, and Commodity Trading Adviser, that is registered with the National Futures Association (“NFA”). Wheatley’s Beam FX and Beam Futures divisions specialize in comprehensive Forex and futures education, and offer competitively priced brokerage services and diversified managed Forex and futures programs for portfolio diversification.
“Our acquisition of Wheatley is an important part of the company’s long term strategy to develop an international financial services company,” commented Darren Dunckel, CEO of Forex International Trading Corp. “Wheatley has an existing customer base and revenue that allows us to jump start our operations in the U.S. In addition, our goal is to be able to roll out a trading platform for US clients with Wheatley.”
As an update to our previously announced Letter of Intent (“LOI”) with Nexus Capital Ltd. (“Nexus”), which the Company entered into with Nexus on February 7, 2011, which was reported by the Company on its Form 8-K and which was filed with the Securities and Exchange Commission on February 10, 2011, the Company is now working with Nexus management to extend the term specified in the LOI.
About Wheatley Asset Management
Headquartered in New York, NY, Wheatley Asset Management LLC is an NFA registered Introducing Broker (“IB”), Forex firm, and Commodity Trading Adviser – NFA Registration #0410159. The firm offers Managed Investment programs with different strategies/styles that can be tailored to the investor’s needs and risk tolerances. As a registered IB, Wheatley Asset Management is guided by the rules and regulations set forth by the National Futures Association. All of its managed investment accounts must provide each potential client with an NFA-approved Disclosure Document for their particular investment program outlining the associated risk factors, fees, and conflicts of interest. For more information, please visit: http://wheatleyassetmanagement.com.
About Forex International Trading Corp.
Headquartered in Las Vegas, NV, Forex International Trading Corp. operates an advanced online trading platform for Forex markets to non U.S. residents. The Company estimates non U.S. residents represent 75% of online currency trading. The Company currently accepts only non U.S. clients. The Company focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures. This platform allows self-directed, broker-assisted, managed accounts and accumulation programs. Through the platform, customers have access to over 20 currencies and bullion deliveries. The Foreign Currency Market (“Forex” or “FX”) is created by the global exchange of currencies. According to the Bank for International Settlements, the average daily turnover, or, volume in the Global FX market in April 2010 was $4 Trillion compared to only $1.2 Trillion in 2001 (Wall Street Journal, Sept. 1, 2010). Historically, access to the FX market was only available to governments, commercial banks, corporations, and other large financial institutions. The Company is now capitalizing on the growth of online currency trading through its state of the art web-based trading platform.
For more information, please visit: http://forex-international-trading.com.
Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.