GBT Technologies Inc (GTCH)

[HunterSwift]

FXIT PRESS RELEASE! 6/22

Forex International Announces Corporate Update

Press Release Source: Forex International Trading Corp. On Wednesday June 22, 2011, 9:00 am EDT

NEW YORK--(BUSINESS WIRE)-- FXIT (OTCBB:FXIT.ob - News), a leading online provider of foreign exchange, or FX, trading and related services for non–U.S. residents, today issued a corporate update.

As a fully reporting entity, it is the goal of Forex International Trading (FXIT) to be as transparent as possible by continually providing shareholders and investors with information on the goals and any progress of the Company as well as provide disclosure with respect to the Company’s financials.

Corporate Goals

The Company will continue to focus on the following goals:

1. Continue to organically grow its offshore trading platform

2. Rollout a Forex trading platform for U.S. residents

3. Identify and acquire or invest in companies that may:

a. Increase product mix

b. Increase customer base

c. Increase revenues

d. Reduce costs


Milestones Achieved

Through 2010 and into 2011 the Company has achieved various milestones:

1. During 2011, the Company moved its offshore trading operations (Triple 8) to a larger facility to allow it to hire more people to grow the business. The Company believes it will begin to see the results of this expansion in the 3rd quarter of this year. Through May 31, 2011, Triple 8 has experienced:

a. Year-over-Year Volume is up 156%

b. Year-over-Year Trades are up 106%

c. Year-over-Year Average Monthly traders is up 143%

2. The Company’s goal is to have a legal platform to rollout for U.S. residents during the 3rd Quarter of 2011. As part of its expansion efforts in the last three months the Company has actively interviewed candidates to fill the roles of President and Chief Financial Officer as well as replacing its auditors with auditors based in New York City that will have a greater global presence and capabilities. The Company anticipates a new auditing firm will take over during the 3rd quarter of 2011.

3. The Company is presently in the process of completing the planned acquisition of Forex New York City LLC and has entered into a Letter of Intent to acquire up to 51% of Paragonex. The goal of the Forex New York City acquisition, if and when consummated, is to add an education product to its existing platform as well as a base of operations for expansion into the United States. The Paragonex acquisition, if and when consummated, should increase product mix and reduce operating costs.

Consolidated Financials

As previously reported, the Company had consolidated revenues of $3.19 million with consolidated EBITDA for the first quarter of $128,000. As part of its ongoing reporting, the Company has been, and anticipates continuing the reporting of its monthly metrics, which provides statistics of trading volume, number of trades and active traders.

Recent Trading Activity

The Company also comments on recent trading activity and stock price decline. The Company’s fundamental business strategy and future prospects have not changed in the last few weeks and is on pace to well exceed last year’s revenues. The Company believes that its stock is undervalued at these prices and will continue to keep an “open line” with its shareholders so that they are informed as to the Company’s operations and results.

“We are still in the beginning stages of building shareholder base and shareholder value. We are excited about our growth and we will continue to strive in becoming a contender in the Forex markets. It has always been important that we remain transparent with the investment community and our shareholders regarding our growth strategy and financial achievements and we will continue to do so,” commented Darren Dunckel, CEO of Forex International Trading.

About Forex International Trading Corp.


Headquartered in New York, NY, Forex International Trading Corp. operates an offshore advanced online trading platform for Forex markets to non U.S. residents. The Company focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures. The company’s platforms allow self-directed, broker-assisted, and managed accounts. Through the platforms, 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 platforms.

For more information, please visit: http://www.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.


Contact:

Investor Relations:Core Consulting GroupPaul DeRiso, [e-mail]