Empire Financial Holding Company Acquires Jesup & Lamont
13 Novembre 2006 - 10:30PM
PR Newswire (US)
LONGWOOD, Fla., Nov. 13 /PRNewswire-FirstCall/ -- Empire Financial
Holding Company (AMEX:EFH), a full service brokerage and investment
banking firm serving retail and institutional clients, today
announced it acquired Jesup & Lamont. Jesup & Lamont, also
a full-service brokerage and investment banking firm, founded in
1877, provides institutional and retail sales and trading services,
equity research and asset management for select clientele. The
firm's corporate finance activities include services and advice
regarding mergers and acquisitions, capital raising, acquisition
finance, restructurings, and other corporate finance matters. CEO
Donald Wojnowski said, "We are extremely pleased with the
successful close of this transaction which marks the first
significant step in our strategic acquisition program. We are
looking forward to a successful integration of the Jesup &
Lamont brand and services into our organization, and we believe the
combined entity, with the resultant revenue synergies, new products
and business lines and cost savings will result in increased
revenues, earnings and shareholder value. Jesup & Lamont
significantly strengthens our investment banking, corporate
finance, M&A and research capabilities as well as providing a
major geographic presence in the Northeast." Stephen DeGroat, who
will head the combined firm's investment banking operations,
stated, "With the addition of Jesup & Lamont's long-standing
expertise on Wall Street, the Jesup - Empire team platform and
capabilities will be greatly enhanced. The combined firm's
resources will allow us to expand and strengthen our retail,
institutional, research and investment banking practices. I firmly
believe the firm will be positioned correctly to service the
emerging growth and middle market sectors." Transaction
Information: The purchase price paid by Empire Financial for the
acquisition of 98.9% of Jesup & Lamont included (i) $1,299,539
in cash, (ii) 1,650,154 shares of common stock, and (iii) a $2.5
million note bearing annual interest at 4%, with all principal and
interest due in 5 years. The note also has certain prepayment
provisions if Empire Financial completes an underwritten offering
before the note's maturity. About Empire Financial Holding Company
Empire Financial Holding Company, through its wholly owned
subsidiary, Empire Financial Group, Inc., provides full-service
retail brokerage services through its network of independently
owned and independently operated offices. Through its market-making
and trading division, the Company offers securities order execution
services for unaffiliated broker dealers and makes markets in
domestic and international securities. Empire Financial also
provides Investment Banking services for clients as well as
turn-key fee based investment advisory and registered advisor
custodial services through its wholly owned subsidiary, Empire
Investment Advisors, Inc. Forward-Looking Statement Disclaimer This
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks,
uncertainties or other factors which may cause actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
that might cause such a difference include, without limitation,
fluctuations in the volume of transactional services provided by
the Company, competition with respect to financial services
commission rates, the effect of general economic and market
conditions, factors affecting the securities brokerage industry as
well as other risks and uncertainties detailed from time to time in
the Company's Securities and Exchange Commission filings.
DATASOURCE: Empire Financial Holding Company CONTACT: Donald A.
Wojnowski Jr., President of Empire Financial Holding Company,
+1-407-551-1841, or fax, +1-407-830-5078,
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