PUBLIC ANALYSIS AND REVIEW BY INVESTREND RESEARCH Randall D. Lewis, Analyst

SUMMARY

We are upgrading AlphaTrade.com to a speculative buy rating. We are basing the recommendation upgrade on recent company events, namely the release of its financial portal, E-Gate. There is no financial information to report at this time. AlphaTrade.com does appear, however, to be following through with its business plan and is meeting its stated schedule for company milestones.

In our initial report, issued in April, 1999, AlphaTrade.com was assigned a neutral rating. At that time, there were simply too many unknown variables to put an accurate valuation on the stock at that time. Being a development stage company, AlphaTrade needed to achieve product rollout to forecast a 12-month price target with any legitimacy. Unfortunately, we still feel that putting a stock price target on the company is moot at this juncture. We are, however, upgrading the stock based on the factors discussed in this quarterly review.

First, we are impressed with the fact that the company rolled out its flagship product, the financial portal, E-Gate, on schedule. Typically, high-tech firms are months behind schedule in product releases, but AlphaTrade publicly targeted a June 30 release, and rolled out on July 9. Showcasing the company’s "Web-to -Desktop" convergent technology, E-Gate will be an interactive and fully customizable financial portal., containing real-time quotes, tickers and news, as well as analytical tools generally found in the higher-end market. AlphaTrade has had thousands of early sign ups for the E-Gate portal.

Also since our last report, the company signed its first licensing agreement. Though not financially-related, AlphaTrade signed a non-exclusive agreement with Baccarat Management Ltd. to develop the world's first online sports betting and gaming site using AlphaTrade's browser-based technology. Under the terms of this agreement, AlphaTrade will receive a total of $250,000 in cash, $100,000 (already booked) upon signing and a further $150,000 which will be used to complete an equity investment of Baccarat for 30,000 common shares issued under Rule 144. In addition, AlphaTrade will receive 4% of Baccarat's gross revenues on a quarterly basis.

This milestone lent credence to market acceptance of the company’s technology and served as a basis for future pricing models. The company still plans to target the retail investor market, channeled through brokerage firms, who can private label AlphaTrade’s system and provide it to their clients, thereby enhancing their product offerings and Web presence.

In addition, PhantomFilm just signed a licensing agreement with AlphaTrade and will pay $25,000 per month to the company beginning in July. Management has also pointed to a number of pending contracts and/or licensing agreements.

The next few months will be critical for AlphaTrade.com to capitalize on its product and services. The company has assembled an impressive array of products and technologies, which are gaining notice by investors and technical savvy professionals alike. In fact, a recent article by Richard Comerford of The Institute of Electrical and Electronic Engineers, one of the leading authorities in technical innovations, pointed to AlphaTrade’s fuzzy-logic, artificial intelligence techniques as truly cutting edge. The company now needs to focus on marketing its technology to generate revenues for its shareholders. AlphaTrade is still in negotiations for financing to take the products to the next level. Research and development is nearly complete and now it is a question of marketing, which takes capital. The company’s working capital needs are being met, but obviously significant funds will need to be raised to actively market the products.

For now, the company appears to be on schedule with its business plan and we expect that next quarter will be a true sign of things to come.

Randall D. Lewis, 4600 Willis Ave. Suite 111, Sherman Oaks, CA 91403, Phone 818-783-5006, Fax 818-783-6321, Email: ralewis@anderson.ucla.edu .

AlphaTrade.com, com , Suite 400, 1111 West Georgia Street, Vancouver, BC Canada V6E 4M3. Toll-Free: 1-877-288-7799, Phone 604-681-7503, Fax: 604-681-7710, Email: info@alphatrade.com , www.alphatrade.com

Investors Research Institute, Inc., P.O. 750471, Forest Hills, NY 11375-0471, Phone 212-484-4747, Fax 718-523-2137. Email: iri@investorsresearch.org / http://www.investorsresearch.org

Randall D. Lewis, Los Angeles, has more than ten years experience in security and portfolio analysis, and served as an equity analyst at SSI Investment Management, Inc., financial analyst for Griffin Financial Services, and research and market analyst for Eneric Financial Services. He has published several articles, most recently HFR Journal of Hedge Fund Research, on merger arbitrage. He has a degree with honors in finance from California State University, Fullerton and is a Level III CFA candidate.

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Information, opinions or recommendations contained in this report are submitted solely for advisory and information purposes. The information used and statements of fact made have been obtained from sources considered reliable but neither guarantee nor representation is made as to the completeness or accuracy. Such information and the opinions expressed are subject to change without notice. This report or study is not intended as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. (c) Copyright, 1999, by IR/j: Investors Research Journal, Investrend Research, div., IRI, Inc.