DALLAS, March 2, 2004 (PRIMEZONE) -- Rush Financial Technologies, Inc., formerly Rushmore Financial Group, Inc., dba RushTrade(r) Group, (OTCBB:RFGI) announced today its trade volume report for the month of February 2004. RushTrade Securities, Inc., the Company's broker/dealer subsidiary reports continued growth in Customer Accounts and Customer Account Assets, but reports lower Trade Volume for the month, due to overall market conditions and fewer trade days in February.
RushTrade Securities, Inc. reported that customer account assets increased to $44,958,596 in February, up from $42,907,888 in January, an increase of 4.8%. The number of customer accounts increased to 1,630 in February, up from 1,465 in January, an increase of over 11%. More than eighty percent (80%) of new accounts are subscribing to the new RushTrade Direct Plus and Direct Pro software platforms.
RushTrade Securities, Inc. reported the number of trades processed decreased from 18,362 in January to 16,270 in February, a decrease of 11%, with the total number of shares traded decreasing from 69,948,879 in January to 46,033,738 in February, a decrease of 34%.
Additional news articles, reports, recent press releases and other information about RushTrade Group and its RushTrade Direct Plus and Direct Pro software products can be accessed at www.rushtrade.com.
About RushTrade Group
RushTrade Group operates through two primary subsidiaries:
RushGroup Technologies, Inc., the Company's financial technology development subsidiary, develops and operates proprietary real-time portfolio management software products, order management systems, direct-access trading software applications and data services center. Utilizing a number of proprietary technologies and its exclusive Direct Access Routing Technology (DART(tm)), RushGroup offers real-time market data platforms and Direct Access products to meet the needs of active online investors, semi-professional traders or institutional portfolio managers and traders.
RushTrade Securities, Inc., a wholly owned subsidiary of the Company and a fully disclosed introducing broker/dealer and member NASD and SIPC, offers securities and online brokerage services to its retail customers utilizing RushGroup's software products. RushTrade Securities, Inc. customer trades are cleared through and customer accounts are held at Penson Financial Services, Inc. RushTrade Securities, Inc. is registered in all 50 U.S. states and accepts customers from most foreign countries. RushTrade customer accounts are self-directed and RushTrade does not provide advice or make trade recommendations.
The Company is headquartered in Dallas, Texas and its common stock is traded on the OTC.BB Market under the symbol "RFGI". For more information about RushTrade and the RushGroup products, please visit www.rushtrade.com.
This press release includes statements that may constitute "forward-looking" statements, usually containing the word "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's product and services in the marketplace, competitive factors, changes in regulatory environments, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company disclaims any obligation to update these statements for revisions or changes after the date of this release.