Whitehorne & Company, Ltd. Clears Through Fiserv Correspondent Services, Inc. to Allow On-Line Trading.

NEWTON, Mass.--(BUSINESS WIRE)--Sept. 17, 1999--

The Global Financial Group, Inc., a diversified financial company, announced today that it's broker/dealer subsidiary Whitehorne & Company, Ltd. ("Whitehorne") began to clear securities transactions for its retail customers through Fiserv Correspondent Services, Inc. Fiserv Correspondent Services is a member of the New York Stock Exchange, the National Securities Clearing Corporation, and the Options Clearing Corporation and offers execution support through INSTINET and Telerate. This new affiliation will be in addition to the clearing arrangements that Whitehorne presently has with Merrill Lynch's Broadcort Capital and several other firms.

Whitehorne & Company, Ltd. has also entered into a selling agreement with Goldman, Sachs and Co. to be an authorized dealer for its mutual funds. Similar agreement was earlier secured with Fidelity Advisor Funds.

Alan Davidson, Partner and General Securities Principal commented, "We are most pleased with this new relationship and the additional potential for service that we may offer our clients under this new clearing arrangement. Whitehorne intends to be a full service brokerage firm with Internet access and on-line trading."

Mr. Alexander Sherman, Treasurer of Global Financial, stated, "Our multiethnic company is uniquely positioned to service the investment needs of the Russian and East European communities throughout New England and Mid-Atlantic states. With existing operations in Massachusetts and Rhode Island, we intend to open a new branch office in New York in the fall of 1999. Whitehorne & Co. is now actively hiring registered brokers with attractive signing packages."