Message #3 From:
NewsBot Date: May 11, 2005 07:32:40 PM
FMFK Montauk Financial Group Enters into New Clearing Agreement with National Financial Services LLC
Montauk Financial Group Enters into New Clearing Agreement with National Financial Services LLC
RED BANK, N.J.
First Montauk Financial Corp.
Victor K. Kurylak, 732-842-4700, ext. 4230
Kathleen A. Paul, 732-842-4700, ext. 4220
First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced that its wholly-owned broker/dealer subsidiary, Montauk Financial Group, entered into a new clearing agreement with National Financial Services ("NFS"), a Fidelity Investments(R) company.
Victor K. Kurylak, President and CEO of Montauk Financial Group commented, "We are extremely pleased to begin our relationship with NFS, one of the industry's premier clearing firms. The products, services and clearing platform offered by NFS, and their reputation as a financial services organization, will greatly benefit our network of independent financial professionals and their clients.
It is anticipated that the conversion from Fiserv to NFS will be completed on or about May 20, 2005. Mr. Kurylak continued, "The careful selection of NFS as our new clearing agent should result in a smooth, efficient transition."
Montauk Financial Group is a service mark of First Montauk Securities Corp., Member NASD/SIPC. First Montauk Financial Corp. is the parent company of First Montauk Securities Corp., a registered securities broker/dealer headquartered in Red Bank, NJ, with approximately 60,000 retail and institutional accounts. The Company's ability to offer quality support services, research, web-based information systems and a competitive commission payout structure has attracted approximately 370 independent, professional registered representatives across the country. Additional information is available at the Company's website at www.montaukfinancial.com.
Statements contained in this news release regarding expected financial results of the Company and First Montauk Securities Corp., are forward-looking statements, subject to uncertainties and risks, many of which are beyond the Company's control, including, but not limited to, market conditions, interest rate and currency fluctuations, dependence on key personnel, each of which may be impacted, among other things, by economic, competitive or regulatory conditions. These and other applicable risks are summarized under the caption "Factors Affecting Forward Looking Statements'' in the Company's Form 10-K for the year ended December 31, 2004, and other public filings, as filed with the Securities and Exchange Commission. Forward-looking statements by their nature involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance.
