Wesley Chapel, FL, May 24, 2002 -- Louis B. Mendelsohn, President and Chief Executive Officer, today reported that Market Technologies, a privately-held trading software firm, achieved record revenue for the first quarter ended March 31, 2002.
Mr. Mendelsohn indicated that "on a year-over-year basis 1Q 2002 revenue was 98% higher than the same quarter in the prior year. Revenue increased throughout the first quarter on a month-to-month basis, with March 2002 revenue 17% higher than January, 2002 revenue".
According to Mr. Mendelsohn "the firm is on track to achieve record-breaking annual revenue in 2002", as it continues to refine the quantitative models, which utilize neural networks to find hidden patterns and intermarket relationships, that are the foundation of the firm’s flagship software product, VantagePoint Intermarket Analysis software.
Michael Mathews, Chief Operating Officer, added that "fiscal year, 2002 annual revenue is expected to increase by nearly 40% over the previously record breaking revenue of 2001", based on 1st quarter 2002 results plus April and May revenue to-date.
Market Technologies is a world pioneer in technical analysis software. Headquartered in Tampa Bay since it was founded in 1979 by Mr. Mendelsohn, with software clients in more than forty countries worldwide, Market Technologies develops proprietary trend forecasting and market timing technologies that utilize intermarket analysis to forecast various financial markets, including interest rates, stock indexes, currencies, and the energy complex.