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JERSEY CITY, N.J., April 11, 2003 -- M.H. MEYERSON & CO., INC. (Nasdaq: MHMY ) announced that Co-Chairman Martin H. Meyerson, 71, retired today from the Company he founded over four decades ago, and has resigned as Co-Chairman and plans to resign from the Board before the end of the month. John P. Leighton, Co-Chairman, President and Chief Executive Officer will fill the role as Chairman.
The Company also announced today that it has undertaken the process formally to change its name to CROWN FINANCIAL GROUP INC. "In the midst of this regime change, new management is taking this opportunity to establish its own separate and distinct identity. Our goal is to be the best liquidity provider in the marketplace. We want a name that captures that sense and perception, and we believe that Crown will do just that," Mr. Leighton explained.
"M.H. MEYERSON & CO., INC. is grateful for Marty's leadership and vision over the past 42 years. Since the Company's founding in 1960, Marty's stewardship of the Company and its employees has been a driving force in Meyerson's industry leadership. In January of this year, the Company experienced a rebirth; my management team is now in place and in control of the daily activities of the Company," continued Mr. Leighton.
Mr. Meyerson said, "I have spent my entire career working within the framework of the capital markets. I've enjoyed building this Company, and the pleasure of forging relationships with my employees, clients and many friends in the financial services community. And I am proud to have founded a Company that has such a long and rich history."
"The entrepreneurial spirit that led to the founding of the Company I now see in the new management team. I am confident that John and his team will continue to perform superlatively and facilitate the transition of the Company to the next level. John is a wonderful leader and businessman; he and his management team are proceeding rapidly to position the Company to compete in the current market structure that has left many firms in its wake. Based on what I've seen to date, I have full faith that John and his team will succeed, given their pedigrees, where so many others have failed."
M.H. MEYERSON & CO., INC. is a full service international financial services firm, with seven separate divisions: Wholesale Market Making, Correspondent Services, Fixed Income Services, Institutional Sales, Syndicate, Retail Services, and Investment and Merchant Banking.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Timothy M. Demarest Appointed Executive Vice President and Chief Technology Officer
JERSEY CITY, N.J., February 19, 2003 -- M.H. Meyerson & Co., Inc. (Nasdaq: MHMY) announced today that Timothy M. Demarest has joined the firm as Executive Vice President and Chief Technology Officer. Mr. Demarest reports directly to John P. Leighton, President and Chief Executive Officer. Mr. Demarest formerly held the position of Chief Information Officer of Radianz, a company serving the connectivity needs of financial institutions worldwide. Before joining Radianz, Mr. Demarest worked for Knight Trading Group in various capacities including Chief Information Officer from May 1996 to April 2000 and European Chief Information Officer from April 2000 to September 2001.
Mr. Demarest, an internationally accomplished architect of dealer trading systems, designed the trading systems of Knight Securities and Knight Securities International. He joined Knight Securities in its infancy and guided its technological development from handling 7,000 trades per day in 1996 to 500,000 trades per day in 2000. Mr. Demarest moved to Knight Securities International in 2000 to build the trading system for Knight's European Roundtable. In addition to understanding the business from the sell-side perspective, Mr. Demarest understands the needs of the buy-side client, having spent two years at Tiger Management before joining Knight.
Mr. Leighton said, "Tim Demarest is a world-class architect and designer of trading systems for securities dealers, who will play an integral role in expanding our ability to process broker, dealer, and institutional order flow intelligently and efficiently. Adding Tim Demarest to Meyerson's new management team demonstrates the Company's commitment to having technology play a critical role in establishing itself as a highly efficient liquidity provider. Tim brings a wealth of knowledge, experience, and talent to bear on positioning Meyerson to compete on the basis of technology for order flow. I've had the pleasure of working with Tim for many years at Knight Securities and I know he'll excel at managing technology here at Meyerson."
Mr. Demarest said, "I'm excited about the challenges Meyerson faces. It will be good to get back together with John and the other Knight alumni on his management team. I've known them all for years; they all share the philosophy that innovative technological solutions are needed to solve the execution needs of brokers, dealers, and asset managers. I intend to build an IT department second to none on Wall Street, dedicated to programming those execution solutions in an ever evolving market structure."
M.H. Meyerson & Co., Inc. also announced today that Brendan Calton has joined the firm as Assistant Manager of OTC Market Making reporting to Mike Silver. Mr. Calton has joined the firm from T.D. Capital Markets where he spent the last two years helping that company internalize its order flow. Before joining T.D. Capital Markets, Mr. Calton spent five years trading OTC stocks at Knight Securities, L.P., and 11 years trading OTC stocks at Spear Leeds & Kellogg.
M.H. MEYERSON & CO., INC. is a full service international financial services firm, with seven separate divisions: Wholesale Trading, Correspondent Services, Fixed Income Services, Institutional Sales, Syndicate, Retail Services, and Investment Banking.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files from periodically with the Securities and Exchange Commission.
Timothy M. Demarest (42)
Brendan Calton (38)
John P. Leighton Named Co-Chairman and Chief Executive Officer
JERSEY CITY, N.J., January 14, 2003 -- M.H. MEYERSON & CO.,
INC., (MHMY), today announced that its Board of Directors has unanimously
elected John P. Leighton as Co-Chairman and Chief Executive Officer of M.H.
MEYERSON & CO., INC. Martin H. Meyerson, will be Co-Chairman of the Company
through December 31, 2003, at which time he will become Chairman Emeritus and
a consultant to the Company.
Martin H. Meyerson, Chairman said, "With great pleasure, I welcome
Mr. Leighton to the firm as CEO and Co-Chairman. John will assume these
positions immediately and I plan to remain with the firm as Co- Chairman until
the end of this year. Thereafter I will serve as Chairman Emeritus for the
following two years to lend my support and experience to the new management
team."
Mr. Leighton said, "I am pleased to be joining the management team of
Meyerson as Co-Chairman and CEO. Although changes in the industry have created
many challenges I am excited about the opportunity to build upon the structure
and current staff now at Meyerson. My first action as CEO will be to welcome
Mr. Michael T. Dorsey, Esq. to the firm in the position of Executive VP,
General Counsel, and Director of New Product Development. Mr. Dorsey will be
focused upon the application of technology to provide superior execution
solutions to the buy side marketplace, as well as discount and traditional
broker/dealers."
Mr. Dorsey has expressed the need to provide creative execution services
to the marketplace on a timely basis and address the uncertainty of existing
execution pricing that pervade the market. Mr. Dorsey said, "I am elated to
tackle the challenge of providing liquidity at rational prices. I am looking
to build upon Meyerson's infrastructure and existing personnel to create the
next generation of innovative solutions that cater to the current needs of
market participants including money managers and broker/dealer clients."
Anthony Dudzinski, President and COO of Meyerson said, "I am truly excited
about the additions to the management team. I expect that the professionalism
and market experience of the new members to aid Meyerson in its future growth.
The client relationships and business building experience of Mr. Leighton and
Mr. Dorsey will greatly enhance our existing core business and provide
tremendous opportunity to both Meyerson employees and shareholders."
M.H. MEYERSON & CO., INC. will file a Report on Form 8-K with the
Securities and Exchange Commission, which will contain additional information
related to this announcement.
M.H. MEYERSON & CO., INC. is a full service international financial
services firm, with seven separate divisions: Wholesale Trading, Correspondent
Services, Fixed Income Services, Institutional Sales, Syndicate, Retail
Services, and Investment Banking.
Forward-Looking Statements: Statements in this news release looking
forward in time are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements involve risks and uncertainties, including general
economic conditions, delays and risks associated with the performance of
contracts, the process of regulatory approval and supervision, potential
acquisitions, consumer and industry acceptance, litigation and the volatility
of domestic securities markets.
John Patrick Leighton (47)
Michael T. Dorsey Esq. (46)
M.H. Meyerson & Co., Inc. is a member of the National Association of
Securities Dealers, CRD number 540.
JERSEY CITY, N.J., September 13, 2002 -- M.H. MEYERSON & CO., INC. (NASDAQ:MHMY) announced today an unaudited net loss for the quarter ended July 31, 2002 of $1,056,251 or ($0.16) per share, compared with a net loss for the quarter ended July 31, 2001 of $2,404,299 or ($0.37) per share. Total revenues for the quarter ended July 31, 2002 were $2,938,290, compared with $5,950,088 reported for the quarter ended July 31, 2001. Forward-Looking Statements: Statements in this news release looking forward in time are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, the process of regulatory approval and supervision, potential acquisitions, consumer and industry acceptance, litigation and the volatility of domestic securities markets. Announces Filing of Complaint To Vacate Arbitration Decision and Award
JERSEY CITY, N.J., January 25, 2002 -- M.H. Meyerson & Co., Inc., (NASDAQ:MHMY) today announces that it has filed a Complaint in the Superior Court of New Jersey to vacate the decision and to vacate entirely the award of $5,000,000.00 in an NASD arbitration proceeding with regard to the transfer of shares of Whitehall Enterprises, Inc. The NASD has been notified of the filing of the motion to vacate the award and all damages. Accordingly, pursuant to the NASD Code of Arbitration Procedure, no payment is due in any amount until the matter is concluded by the Court. A copy of the filing can be viewed after 12:00 p.m. at http://www.judiciary.state.nj.us under Calendars & Schedules/Civil Motion Calendar (Venue: Bergen Docket: l-563-02) or at http://www.judiciary.state.nj.us/acms/cv0390wle.asp . Forward-Looking Statements: Statements in this news release looking forward in time are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, the process of regulatory approval and supervision, potential acquisitions, consumer and industry acceptance, litigation and the volatility of domestic securities markets. M.H. Meyerson & Co., Inc. is a member of the National Association of Securities Dealers, CRD number 540.
JERSEY CITY, N.J. January 17, 2002-- M.H. MEYERSON & CO., INC., (NASDAQ:MHMY) today announced that it had been found liable in an NASD arbitration proceeding for the transfer of shares of Whitehall Enterprises, Inc. that were deposited with it. MHMY had denied all liability and asserted that it clearly acted under an irrevocable power of attorney and that the transfer of shares was authorized by the claimant entities which had subsequently attempted to verbally revoke these instructions. The claimants were found entitled to approximately $5 million in such arbitration proceeding. MHMY is taking immediate action to appeal the decision. MHMY has also contacted plaintiff and is currently discussing settlement of this matter. An adverse decision on the appeal or the inability to reach a settlement may have a materially adverse impact on the company. Forward-Looking Statements: Statements in this news release looking forward in time are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, the process of regulatory approval and supervision, potential acquisitions, consumer and industry acceptance, litigation and the volatility of domestic securities markets. |