Press Releases

GLOBALNET, NEXTRADE ECN AND VALHALLA FOREX ANNOUNCE LAUNCH OF MATCHBOOK FX, LLC

A Revolutionary Platform for Foreign Exchange Trading Utilizing ECN-Based Technology Institutional Trades Are Currently Being Executed on Freeserve's Money Channel Adds

Monday, August 2, 1999

SANTA MONICA, Calif., - GlobalNet Financial.com, Inc., (OTC Bulletin Board: GLBND), a leading international provider of online financial news and information services, today announced the formation of Matchbook FX, LLC and the commencement of institutional foreign exchange trading through Matchbook FX' trading platform. Matchbook FX, LLC will be equally owned by GlobalNet, NexTrade, one of nine Electronic Communications Networks ('ECN") and the first and only ECN to offer 24 hour trading through participating broker/dealers, and Valhalla Forex, a dealing operation focused on the spot Foreign Exchange markets.

Matchbook FX will have a permanent link to Freeserve plc's Money Channel, UK-iNvest.com, which is owned and operated by GlobalNet. Freeserve owns 13% of the outstanding shares of GlobalNet with the option to increase its ownership to 19.9%.

Matchbook FX is a revolutionary, first of a kind, Internet-available trading platform designed for spot foreign currency. Institutions are currently executing transactions on the system. An Internet-based platform is scheduled to debut in the fall of this year. Matchbook FX utilizes the same proprietary trading software technology that powers the NexTrade ECN.

Similar to a Level II display for equities trading, the unique Matchbook platform provides currency traders the ability to see the intentions of other system participants and to transact executions at prices displayed by other users. When in-house matches occur using the Matchbook system, commissions are assessed only on the aggressor side of the transaction at levels thatare substantially lower than conventional Forex brokerage. Real-time profit and loss statements and trade blotters, as well as charting, news andtrade analytics support this revolutionary interactivity.

In keeping with GlobalNet's dynamic plan of vertical integration on the Web, Matchbook FX will receive worldwide exposure as a result of permanent links on all of GlobalNet's as well as GlobalNet's affiliate and partner sites, including UK-iNvest.com and Microcap1000.com. Further, Matchbook FX will link to GlobalNet's Italia-iNvest.com which is anticipated to be launched this fall as well as to GlobalNet's Canada-iNvest.com which is currently under development. GlobalNet anticipates continuing its development ofpremier financial websites covering different world financial markets and plansto include Matchbook FX, as well as other financial and online trading services currently under development, as permanent links on all such websites.

Commenting on the announcement, Ron Comerchero, Director of Valhalla Forex, stated "For the first time in history, independent foreign exchange traders and institutions will be able to deal on live prices quoted continuously and dynamically on the Internet. This will open spot foreign exchange trading to a new group of Internet savvy investors accustomed tothe ECNs and Level II displays which are so prevalent in U.S. equities trading."

According to John Schaible, President of NexTrade, "Matchbook is a joint venture of complimentary strengths. Valhalla Forex has expertise in FX trading and maintains a large customer base to drive liquidity through the currency engine; GlobalNet Financial has the ability to provide Matchbook FX with excellent exposure to hundreds of thousands of Internet users due to its ownership of numerous investment and financial websites on the World Wide Web; and NexTrade contributes the proprietary matching software and platform as well as experience in operating an ECN."

Ron Posner, who joined GlobalNet Financial on July 19, 1999 as the Company's co-CEO stated "It is with great excitement and enthusiasm that we launch Matchbook FX. There are over $1.5 trillion dollars in foreign exchange transactions daily and it is a perfect vertical complement to our Internet financial news and information businesses." Mr. Posner added, "As Foreign Exchange trading is much more popular overseas than in the United States, GlobalNet's ever expanding global Internet presence makes us a perfect marketing partner."

John Pluthero, Chief Executive at Freeserve, commented, "The addition of Forex trading to Freeserve's Money Channel is yet another demonstration of how Freeserve can bring innovative new products and services to the UK market by working with high quality, dedicated partners."

About GlobalNet Financial.com, Inc. GlobalNet has achieved rapid acceptance and growth in its quest to become the leading provider of international online financial news and information services designed to combine unique financial content and educational programs, investment and analytical tools and on-line trading and other transaction executions. Through GlobalNet's alliance with Freeserve plc the United Kingdom's largest Internet service provider (ISP), UK-iNvest.com is the exclusive provider of investment information within Freeserve's Money channel, featuring interviews and commentary with leading investment managers and analysts about stocks, funds and market trends. GlobalNet's wholly-owned subsidiary, MicroCap1000.com, focuses on companies with a market capitalization of under $500 million and is a leading source for information on the microcap sector featuring original daily articles an a real-time index.

On July 12, 1999, GlobalNet announced a joint venture agreement withFirst Marathon Inc., a leading Canadian investment firm, to jointly develop an online trading business for Canada and a premiere financial website, Canada-iNvest.com, in Canada. In conjunction with the joint venture, First Marathon has made a $2.5 million strategic equity investment in GlobalNet Financial. The investment by First Marathon follows strategic investments by Freeserve Limited, which made a $15.0 million strategic investment in GlobalNet on May 13, 1999 and a $5.0 million strategic investment on May 25, 1999 from an Italian Consortium consisting of The De Agostini Holding Group, Banca Commerciale Italiana and Investitori Associati. GlobalNet's Italia-iNvest.com is under development. GlobalNet is continuing its worldwide expansion of international investor oriented financial sites.

GlobalNet has also attracted a variety of noteworthy strategic technology partners such as Telescan (Nasdaq: TSCN), an industry leader in providing Internet services and innovative solutions for online technology and data retrieval tools. GlobalNet owns 575,000 shares of Telescan. GlobalNet's licensing agreement with NexTrade provides the company with royalty free, worldwide rights to NexTrade's proprietary modular Electronic Direct Access Trading System (E-DAT) for real-time online trading. GlobalNet Financial.com, Inc. is headquartered at 2425 Olympic Boulevard, Suite 660E, Santa Monica, California, 90404. The company's European headquarters are at Clarendon House, 11-12 Clifford Street, 6th floor, London, W1X 1RB, United Kingdom; telephone: +44.171.514.0500; fax: +44.171.517.0505. For U.S. media relations call: e-com Communications; Kristin Gabriel (323) 650-2838 / Prkristin@aol.com or Birgit Spears (314) 481-6965 / Birgit555@aol.com. For U.K. media relations, call James Mellville Ross, Square Mile Communications, Ltd. at +44.171.601.1000.

About NexTrade NexTrade, based in Clearwater, Florida, is one of nine SEC-approved Electronic Communications Networks ("ECN") operating in the United States. As an ECN, NexTrade allows institutional customers to anonymously trade securities without the involvement of a principal broker/dealer. NexTrade has the distinction of being the first and only ECN to offer 24-hour trading through participating broker/dealers. NexTrade caters to virtually all types of financial institutions including market makers, mutual funds, hedge funds, other buy-side firms, online broker/dealers and traditional brokerage firms. NexTrade is an all inclusive, vertically integrated provider of global on-line financial products and services. For information contact: Mark Smith at (800)399-0789.

About Valhalla Forex Valhalla Forex, based in New York, New York, is a dealing operation focused on the spot foreign exchange markets. With personnel hailing from the interbank market, institutional futures brokerage and clearing as well asthe broker/dealer community, Valhalla is equipped to service a diverse clientele. Valhalla's objective, through its Membership interest in Matchbook FX, isto provide liquidity and transparency to spot forex markets, even on retail sized quantities. For information contact Daniel Uslander at (212) 267-4430, ext.201.


Founding Member of
MatchbookFX LLC