Broadpoint Closes Acquisition of American Technology Research.Forms New Broadpoint.AmTech Equity Capital Markets Division NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Broadpoint Securities Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BPSG BPSG Boron-Doped Phosphosilicate Glass ) today announced that it has completed the acquisition of American Technology Research Holdings, Inc. ("AmTech"), the parent of American Technology Research, Inc., a broker-dealer specializing in institutional research, sales and trading in the information technology, cleantech and defense areas. The Broadpoint.AmTech division now consists of 53 professionals, including 25 research professionals (including 14 publishing analysts), 14 institutional sales professionals, 8 trading personnel and 6 management and support staff. Broadpoint.AmTech research analysts currently publish research on over 130 companies in areas including semiconductors, hardware, networking & storage, internet & new media, software, cleantech and aerospace & defense. The sales and trading team has over 300 account relationships with hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , money managers and mutual funds and was ranked second in Institutional Investor's 2007 ranking of boutiques, regional firms, and independents for technology - semiconductors. Joining Broadpoint in their new leadership roles will be Richard Prati and Curt Snyder, as Managing Directors and members of the three-person Broadpoint.AmTech Equity Capital Markets ("ECM (1) (Enterprise Change Management) See version control and configuration management. (2) (Error Correcting Mode) A Group 3 fax capability that can test for errors within a row of pixels and request retransmission. ") Management Committee. Messrs. Prati and Snyder will report to Robert Meier Robert Meier (March 10, 1897 — January 29, 2007) was, at the age of 109, Germany's oldest living man, a combat-wounded veteran of WWI and one of Germany's last surviving veterans of that war. , Executive Managing Director and Head of Broadpoint Equity Capital Markets, who will be Chairman of the ECM Committee. Additionally, the leadership of Broadpoint.AmTech will include Richard Brown Richard Brown can refer to:
Lee Fensterstock, Chairman and Chief Executive Officer of Broadpoint, said, "With the closing of the AmTech transaction, we now serve institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. through three profitable sales and trading platforms: equities, corporate debt and mortgage/asset backed securities. The long-term investor Long-term investor A person who makes investments for a period of at least five years in order to finance his or her long-term goals. relationships of our sales professionals will provide the basis for a strong distribution platform for capital markets transactions as we build our investment banking capabilities." At closing, Broadpoint paid to AmTech stockholders $10.0 million in cash and issued 2,676,347 shares of common stock, subject to resale restrictions which will lapse ratably over the course of the three years following closing. In addition, Broadpoint will grant to certain AmTech employees 323,563 restricted shares, subject to vesting based on continued employment. Broadpoint will also pay annually through 2011 to certain AmTech employees a special bonus based on pre-tax profits of the division and to AmTech stockholders an earnout based on pre-tax profits of the division (after payment of the special bonus). In connection with the reorganization of its legacy equities business, Broadpoint expects to record a charge in the third quarter of approximately $2.1 million. About the Company Broadpoint Securities Group, Inc. (NASDAQ: BPSG) is an independent investment bank that serves the institutional investor and corporate middle market by providing clients with strategic, research-based investment opportunities, and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , including merger and acquisition, restructuring, recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and strategic alternative analysis services. The Company offers a diverse range of products through Broadpoint Capital, Inc.'s Equity and Debt Capital Markets divisions, as well as Broadpoint Securities, Inc., its mortgage-backed security/asset-backed security trading subsidiary, and FA Technology Ventures Inc., its venture capital subsidiary. Forward Looking Statements This press release contains "forward-looking statements." These statements are not historical facts but instead represent the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. The Company's forward-looking statements are subject to various risks and uncertainties, including the conditions of the securities markets, generally, and acceptance of the Company's services within those markets and other risks and factors identified from time to time in the Company's filings with the Securities and Exchange Commission. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in its forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update any of its forward-looking statements. |
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