2002 Press Releases
FOLIOfn Enters Into Multi-Million Dollar Licensing Transaction with A Global Financial Services Company
VIENNA, Virginia – FOLIOfn, Inc. today announced that it is licensing its software and intellectual property to a major 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.
“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. Throughout, the terrific team at FOLIOfn has risen above that challenge. This agreement, with 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.”
“We are pleased that another major license has been sold—this is the second for the company—to another very sophisticated and substantial financial services firm that understands the unique power of our technology and the underlying concepts and innovations embodied in our technology. And we are very pleased that this transaction now allows us to define our own destiny from a financial standpoint, and eliminates the need for additional financing. We will still look for growth capital, but this 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,” added Wallman.
About Folio Investing
Folio Investing, a division of FOLIOfn Investments, Inc., is an online brokerage that enables investors to manage stocks, ETFs, and mutual funds as integrated investment portfolios called “Folios” that deliver better control, greater transparency, and lower cost. Investors can create their own Folios, much like creating personalized ETFs or mutual funds, or invest in over 100 Ready-to-Go Folios representing market indices, sectors, geographical regions, target dates, and more. The Folio Unlimited Plan features unlimited commission-free trading in twice-daily windows for only $29 a month or $290 a year. Ready-to-Go Folios can be managed or unmanaged, are not registered investment companies, and are offered by FOLIOfn Investments, Inc., a registered broker-dealer. FOLIOfn Investments, Inc. does not provide investment, tax, or legal advice. FOLIOfn Investments, Inc., is a member of FINRA/SIPC.