ADVFN plc Buys the EO System, Customer Database and Domain Names

ADVFN is pleased to announce that it has acquired the EO system, customer database and domain names including eo.com, eo.net and eo.co.uk. The acquisition was made for £150,000 in equity of ADVFN.  EO was Europe's leading on-line distribution platform for public equity offerings.

The EO system is designed to allow anyone to apply for new issues of shares during an IPO via a fully online process. It allows investors to view investment opportunities, apply for shares, pay and have their investments confirmed in an end-to-end electronic process. Private investors have often been excluded from new issues and private placements. Their value to issuers and issuing banks has consequently been left unrealised.

EO, with the help of modern technology provides a cost-effective platform to bring this high value investor base and the high value issuing market together. Since the start of market downturn in 2000 the market in IPO's has all but disappeared.

However ADVFN has seized the opportunity to acquire the EO platform, customer list and IP assets to hold them for more benign market conditions. Millions have been spent building the EO platform, but the depth of the downturn in IPO's has enabled ADVFN to purchase it for a fraction of its cost.

London Stock Exchange - RNS - 12th February 2003