Business
Netrom's Tempest Announces Its First Channel Partner For The $2.5 Trillion IRA Market
Netrom's Tempest Announces Its First Channel Partner For The $2.5 Trillion IRA Market.
About this update from Humble Energy, Inc.
[{"type":"text","content":"SAN DIEGO, May 21, 2003 (BUSINESS WIRE) -- Netrom, Inc. (OTC: NRRM) announced today that its newly acquired subsidiary, Tempest Asset Management, Inc., has signed a milestone agreement with its first IRA channel partner, Global Trading Post, to offer Tempest's Foreign Currency Exchange (Forex) trading services to individuals who desire to increase the yield on their Individual Retirement Accounts (IRAs). Located in Tustin, California, Global Trading Post is a provider of a wide range of Forex based products and services to the billion dollar investment community in Orange County, California, and will soon expand their market by opening offices in Los Angeles, San Diego and Las Vegas, Nevada. \r\nIt was announced last week that Tempest had been approved to market its Forex trading services to the IRA market space. The IRA market has expanded at a compounded annual growth rate of 13 percent per year to a current size of over $2.5 trillion that includes over 40 million households. \r\n\r\nTempest can now provide IRA investors with an attractive, much-needed alternative to the high-risk stock market and low yield money markets. With this new alternative, investors can now use their IRAs to defer taxes on the yields that are realized from Tempest's currency trading services, which in many cases are superior to other competing forms of investing. Tempest is giving investors the opportunity to put new life in their retirement savings programs. \r\n\r\nTempest's Chief Executive Officer, Chris Melendez, said, \"Global Trading Post is the first of many channel partners we intend to develop in order to bring our FOREX services to the IRA market space. We expect to announce additional partners in the near future.\" He further stated, \"We believe that entering the IRA market is a key move that will help us fulfill our vision of bringing institutional grade FOREX investing to the individual investor.\" \r\n\r\nAbout Netrom, Inc. \r\n\r\nNetrom, Inc. (OTC: NRRM), headquartered in San Diego, was founded in 1996. Since its inception, Netrom has been involved in the development of technologies that are related to the Internet, as well as developing new eBusiness models. In the first quarter of 2000 Netrom became insolvent and was forced into a major reorganization. The Company has been in the process of a turnaround of its business with the prim...