LONGWOOD, Fla., June 29 /PRNewswire-FirstCall/ -- Jesup &
Lamont Inc. (Amex: JLI), today announced that it was taking steps
to reduce costs, determine strategic alternatives to maximize
values for stake holders and terminating all non-essential
personnel, except for Alan
Weichselbaum, its CEO, who will continue on a non-salaried
basis. Steven Rabinovici, formerly an Executive Chairman,
will remain as a non-executive Chairman of the Board, also on a
non-salaried basis. William Holub, Chief Financial Officer of
Jesup & Lamont Securities Corp. and VP of finance of the parent
will oversee the financial affairs of the parent. Except for the
continuation of salaries to a limited staff, all salaries and draws
have been terminated. All officers of JLI will report
directly to its Audit Committee.
Jesup & Lamont also announced that Mark Wilton had resigned from the Board for
health reasons and that Donald
Wojnowski had resigned from the Board for personal
reasons.
The above events follow FINRA's order that Jesup & Lamont
Securities Corp. cease conducting a Securities business, other than
liquidating transactions, because of its failure to meet net
capital rules. The Company continues to engage in dialogue
with FINRA with respect to regaining compliance with the net
capital rules.
About Jesup & Lamont
Established in 1877, Jesup & Lamont has an extensive history
on Wall Street, with its origins encompassing such successes as
providing brokerage services to Standard Oil and raising capital
for the construction of Rockefeller Center. Jesup & Lamont is a
full service broker-dealer with over 300 retail brokers in over 30
offices nationwide; institutional sales offices in New York, San
Francisco, Los Angeles,
Boston, Boca Raton and Orlando. The company also publishes
proprietary research on several industries including
Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare
and offers comprehensive investment banking services.
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
risk, 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. The company undertakes no obligation to revise or update
any forward-looking statement.
SOURCE Jesup & Lamont, Inc.