Tradepoint Financial Networks Plc: Completion Of Virt-X Transaction, Name Change And Board Changes

Tradepoint Financial Networks plc ("Tradepoint") and SWX Swiss Exchange ("SWX") announced today the legal completion of the transaction between Tradepoint, the Tradepoint Consortium ("the Consortium" or "TP Group LDC") and SWX to create virt-x, a new pan-European blue chip market. Completion was conditional upon clearance from the competition authorities and the signing of limited recourse facility agreements with the members of the Tradepoint Consortium. Loan facilities up to a total of £22.75 million, to be set against individual Consortium members' future trading fees, have been signed.

The launch of the new pan-European blue chip market is planned for 25 June 2001.

Consistent with the terms of the transaction, Tradepoint has issued 108,445,243 new shares to SWX in respect of 38.9% of the share capital. Once the Consortium has exercised all of its outstanding warrants, raising a total of £11.1 million for virt-x, the Consortium and SWX will each hold 38.9% of virt-x.

The Company also announced that it would be renamed virt-x plc with immediate effect and that the Board has been reconstituted to include representatives of SWX and independent directors.

The Board of virt-x is now as follows (*new director):

Peter Stevens continues as non-executive Chairman.
Richard Kilsby is Vice Chairman.
Antoinette Hunziker-Ebneter joins the Board as Chief Executive Officer. She has been granted options over 250,000 ordinary shares in virt-x plc at 90.5p.
Doug Atkin, Instinet
*Walter Berchtold, Credit Suisse First Boston
*Doctor Joerg Fischer, Vontobel Holdings
Alan Hodson, UBS Warburg
*Professor Peter Nobel, Nobel & Hug
*Jacques de Saussure, Pictet & Cie
Sutesh Sharma, Morgan Stanley Dean Witter
Professor Benn Steil, Council on Foreign Relations, New York.

The following Tradepoint Board members have elected to retire:

Ronald Cohen
Alan Styant
Robert Wilkinson
Stanislas Yassukovich.

Commenting on today's announcement Peter Stevens, Chairman of virt-x, said:"Since the virt-x transaction was announced in July last year we have been working very hard to ensure that the market is developed as quickly and efficiently as possible. Having completed the transaction, I believe that virt-x is in an excellent position to play a major role in the future of European equity trading. I would like to thank the retiring directors for their contribution over the years in bringing us to the threshold of this exciting opportunity."