Avondale Partners Expands Research Group Through Addition of Senior Professionals.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 29, 2003

Avondale Partners, LLC today announced the continued expansion of its Research Group through the recent addition of three senior professionals: Douglas M. Lane, CFA, as a Director, and David P. Dempsey and Jason H. Seidl as Vice Presidents.

Denise Wilder Warren, Managing Director and Director of Research, remarked, "Our consistent goal for the Research Group at Avondale Partners has been to develop one of the financial industry's best research capabilities in a number of selected industries. We are, therefore, very pleased to announce the addition of three experienced and talented professionals, who have already begun to contribute to our Research product. We are confident that their joining Avondale Partners will further our ability to provide growth companies and institutional customers a high degree of independent, objective and value-added expertise through long-term, in-depth relationships."

Mr. Lane comes to Avondale Partners from Rockbridge Capital Management, a consumer-sector hedge fund he founded. Previously, Mr. Lane served as an analyst for Argonaut Capital Management and spent nine years as an equity research analyst covering Beverages and Cosmetics/Household Products with Merrill Lynch, where he was recognized by The Wall Street Journal as an "All-Star" analyst. He also worked with PNC Financial as a buy-side equity research analyst covering consumer products. He is covering the consumer products area for Avondale Partners, as well. Mr. Lane, a Certified Financial Analyst who recently relocated to Nashville from New York City, received his MBA degree from Loyola College and his BSBA degree from the University of Richmond.

Mr. Dempsey, a former senior auditor for Ernst and Young, has spent 22 years in the health care industry in a variety of financial positions of increasing responsibility with Hospital Corporation of America, HCA Management and, most recently, Quorum Health Resources, where he last served as Senior Vice President, Finance, Chief Financial Officer. He is covering the health care industry for Avondale Partners. Mr. Dempsey received his MBA degree from Loyola College and his BA degree from the University of Notre Dame.

Mr. Seidl spent four years in the transportation industry before joining ABN AMRO, (formerly ING Barings/Furman Selz) in 1998 as an equity research analyst providing coverage in the railroad, trucking and airfreight industries. Recognized for his research coverage by Institutional Investor and Zacks, he is covering the transportation industry for Avondale Partners. Mr. Seidl received his MBA degree from Rutgers University and his BS degree from Syracuse University. Mr. Seidl currently works from Avondale Partners' Philadelphia office and plans to relocate to Nashville later in the year.

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 Europe, as well as investment banking services to growth companies throughout the U.S. Its principals bring extensive experience to Avondale Partners, not only from the former Nashville-based firms of SunTrust Equitable Securities and J.C. Bradford & Co., but also from some of Wall Street's leading firms, including Merrill Lynch, Lehman Bros., Banker's Trust and Deutsche Bank. Avondale Partners' services are focused on equity sales and trading; equity research, primarily focused on the Food, Beverage and Restaurants; Healthcare; Business and Consumer Services; Healthcare Information Technology; Internet Security and Transportation industries; and investment banking, including public equity offerings, private placements, mezzanine debt advisory services and mergers and acquisitions.