Avondale Partners Announces Addition of Senior Professionals to Institutional Equity Sales Group.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 14, 2002

Avondale Partners, LLC today announced the addition of two senior-level professionals to its Institutional Equity Sales Group. William S. Brennan has joined Avondale as a Director in its Philadelphia office, where he is covering institutional accounts in the mid-Atlantic region and in California. Mr. Brennan's previous career includes extensive experience in the financial industry, both on the buy side with an institutional investment firm and on the sell side as a senior research analyst. Immediately prior to joining Avondale Mr. Brennan served as a Senior Investment Research Analyst with Pitcairn Trust, a value-oriented asset management firm, managing over $2.7 billion, and the Pitcairn Funds. In addition, he was previously the Co-Director of Research and Senior Analyst at Pacific Growth Equities an investment bank in San Francisco. Mr. Brennan is also an Adjunct Professor in the College of Commerce & Finance in Villanova University's Graduate MBA Program.

Also joining Avondale's Institutional Equity Sales Group is Walter S. Lang, who is now working from Avondale's Nashville headquarters. Mr. Lang, a veteran with more than 20 years experience in the institutional equity markets, has worked with several leading investment firms, including Merrill Lynch; Tucker Anthony; Ferris Baker & Watts; and J.C. Bradford & Co., where he worked 11 years, most recently as Partner in the Institutional Sales Department. He joins Avondale from the Boston office of Jefferies & Company Inc. At Avondale, Mr. Lang is covering institutional accounts in the Midwest.

Commenting on the announcement, Rich Henderson, Sr. Managing Director/Capital Markets at Avondale, said, "We are delighted to have people with the experience and background of Walter Lang and Bill Brennan join our firm. Both Bill and Walter are recognized by their colleagues and competitors as outstanding professionals, and their talents and relationships add greatly to the distribution capabilities of Avondale. Our Institutional Sales Group now includes eight professionals covering all major financial markets in the U.S., Canada, and the U.K."

Mr. Lang remarked, "I am excited to be back in Nashville and joining a firm with the entrepreneurial energy of Avondale Partners. The high quality research product being produced by Avondale's Research Department will be a significant value add for my clients. Those institutions are finding it harder every day to find high quality, independent research in mid-cap equities."

Mr. Brennan added, "I also am very pleased to have joined a firm with a clear focus on its markets and its opportunities. Instead of trying to be all things to all people, Avondale has systematically gone about adding experienced professionals in the key areas needed to have a real impact in the financial and investment markets. I look forward to doing my part to help Avondale continue building a high quality organization."

Organized in June 2001 and headquartered in Nashville, Avondale Partners provides equity research, sales and trading services to institutions throughout the U.S., Canada and the U.K., as well as, investment banking services to growth companies throughout the U.S. Its founders include former senior partners and management from SunTrust Equitable Securities and J.C. Bradford & Co. Avondale's services are focused on equity sales and trading; equity research primarily focused on the Food, Beverage and Restaurant, Healthcare, Business and Consumer Service, Healthcare Information Technology and Internet Security industries; and investment banking, including public equity offerings, private placements, mezzanine debt advisory services and mergers and acquisitions.