Wesley Chapel, FL, January 20, 2003 -- Louis B. Mendelsohn, President and Chief Executive Officer, today reported that Market Technologies, a privately-held trading software firm, achieved record annual revenue for the third consecutive year. Revenue for 2002 was 66% higher than 2001 revenue and more than triple the 2000 revenue.
According to Mr. Mendelsohn, the 2002 performance exceeded forecasts by 20%. Mr. Mendelsohn indicated that "this phenomenal growth rate has been realized despite the weak economic and financial market conditions since 2000". He attributes the company’s success to the broad acceptance of the company’s trading software program within the financial industry for its accuracy at forecasting financial markets utilizing intermarket analysis, as well as to the outstanding level of service provided to the company’s customers in terms of technical support and consultation related to the use of the software.
Michael Mathews, Chief Operating Officer, reiterated his confidence that the company is now on track to achieve a substantial increase in annual revenue in 2003, as it continues to refine and expand its IT systems and corporate infrastructure to accommodate the explosive growth in customers throughout the United States and overseas.
Market Technologies is a world pioneer in technical analysis software. Headquartered in Tampa Bay since it was founded in 1979 by Mr. Mendelsohn, with customers in more than forty countries worldwide, Market Technologies currently offers proprietary trend forecasting and market timing technologies that utilize intermarket analysis to predict various financial markets, including interest rates, stock indexes, currencies, and the energy complex.