CENTURY CITY, Calif. Sept. 21,2001 (PRIMEZONE) -- Collaborative Financial Network Group Inc. ("CFN" or the "Company") (OTCBB:CFNF) (Frankfurt Stock Exchange: EFD), a financial portal providing services through both an ASP (Application Service Provider) and a "white label" model to customers, is pleased to announce the appointment of Jeff Michel to the position of President and Director.
Today the Board of Directors of CFN released that it had secured the expertise of Michel to act as its President and sit on its Board of Directors, relieving Paul Lemmon as the previous President. Mr. Lemmon will remain as a Director.
Chairman of the Board, John Huguet, commented, " The Board is proud to add Mr. Michel to its executive management team. Jeff comes to us with a strong background in the U.S. securities markets, with senior level experience and an impeccable compliance history. We look forward to growing CFN's business base with Jeff."
Commenting on his appointment, Jeff Michel said, "I am thrilled to have the opportunity to be a part of sculpting this company into an industry leader. The assembly of talent already on board is humbling. The shareholders can take comfort in that; I will work diligently to make this company like no other. We will not rest till success is tightly in hand."
Paul Lemmon, Director of CFN added, "Jeff is a welcomed asset, that will broaden management's abilities and experience. CFN is at a juncture that requires the leadership Jeff brings to the table, as we branch out and grow the company."
Previous to this appointment, Michel had, for nearly the past decade, specialized in business development and cost containment in the securities industry. He is a licensed General Securities Principal, and a Registered Options Principal. Mr. Michel has also worked in the private business community as an efficiency, development, and cost containment consultant. Companies interested in utilizing CFN's turnkey applications may contact the Company at: mailto:cfnusa@adelphia.net, attention: Jeff Michel.
Forward-looking statements and comments in this news release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the Company to complete the transaction and enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.