News: 141 Capital to Register with NFA as Independent Broker and Order Financial Audit
Date : 05/13/2009 @ 9:15AM
141 Capital to Register with NFA as Independent Broker and Order Financial Audit
141 Capital, Inc. (OTCPK: ONCP) announced today that it plans to register with the National Futures Association as an Independent Introducing Broker. In doing so, 141 will be able to participate in commissions generated from electronic trades placed by its customers. As part of the registration process, management stated that it will order the independent audit of the company’s financials. Audited financial statements for year-end 2008 and the first two quarters of 2009 are necessary to complete the application process. The audited financials, when completed, will be filed with the NFA, and posted to 141’s website as part of management’s efforts to increase public disclosure and investor transparency.
Errol Stone, CEO of 141 stated, “As 141 has previously been registered with the NFA as an Introducing Broker, the approval process should go smoothly, and while audited financials are necessary to the registration process, we intend to undergo the audit and fully disclose the results in order to increase our level of transparency. Showing our bottom line is part of our commitment to shareholder value.” Mr. Stone noted that upon the execution of a letter of engagement that the auditing firm and schedule would be announced.
By offering discounted commission rates of futures and associated options contracts traded globally, 141 looks to build a significant customer base from which the company will generate commissions. Mr. Stone explained, “Our marketing plan will provide us with some significant competitive advantages. Low commissions for electronic trading customers will be achieved on our unique execution platform through a web-based portal currently in development that will offer global electronic trading in futures, futures options, stocks, stock options, ETFs and other listed funds, Forex, and bonds.”
About 141 Capital, Inc. (www.141capital.com):
141 Capital, Inc., is a publicly traded company based in Chicago. Its primary operations involve commodity trading. The company’s principals are involved in the development of software technology to develop a proprietary trading platform that the company intends to release to consumers upon its completion and the company’s registration as an independent broker with the NFA. Additionally, 141 Capital utilizes trading systems for trading financial products listed on the world's derivatives for its own account.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
