Business Valuations Unit from BDO Seidman, LLP Moves to Trenwith Group, LLC; Joins Trenwith Securities, LLC under Newly Formed Holding Company.

NEW YORK -- Trenwith Group, LLC, a newly formed holding company of financial services businesses, has announced the acquisition of the Business Valuations Services (BVS) practice from BDO Seidman LLP, one of the nation's largest professional service organizations. The practice will now operate under the name Trenwith Valuation, LLC alongside Trenwith Securities, LLC, a leading middle market investment bank, as the wholly-owned subsidiaries of Trenwith Group. As a subsidiary of BDO Seidman, Trenwith already enjoyed a pre-existing relationship with the 25 person valuations unit which will now offer its services from each of Trenwith's offices in New York, Boston, Chicago, San Francisco and Costa Mesa. The formation of Trenwith Group and the transfer of the valuations practice were each effective July 1, 2004.

"The holding company structure afforded us by the newly formed Trenwith Group is an ideal platform for adding complementary business lines under the same brand. Trenwith Securities, Trenwith Valuation and any future acquisitions will benefit from the close relationships of the affiliated companies, but be unencumbered by the legal and regulatory requirements of their sister businesses," said Ron Ainsworth, President of Trenwith Group. "Trenwith Securities enjoyed a mutually beneficial relationship with BDO Seidman's BVS practice for several years, assisting with valuations related to mergers, acquisitions, divestitures, joint ventures and strategic alliances. By moving the practice into Trenwith Group it can be even more effective in the marketplace as it will be able to provide services in certain instances that it was previously unable to provide within a public accounting firm structure."

Bruce Bingham will serve as Senior Managing Director of Trenwith Valuation. He will be joined by his former BDO Seidman partners Charlie Stryker and Bruce Richman, as well as Lori Dawson, formerly a director with BDO Seidman, who will each serve as a Managing Director of Trenwith Valuation. They lead a team of professionals that include chartered financial analysts, certified public accountants and accredited senior members of the American Society of Appraisers who have collectively valued thousands of businesses ranging from Global 1000 corporations to middle-market companies in various industries.

In addition to valuing ownership interests such as common stock, preferred stock, partnership interests, derivatives and debt instruments; Trenwith Valuation also values intangible assets such as trademarks, patents, software, customer lists and non-compete/employment agreements. The unit also provides valuation related litigation support.

About Trenwith Group, LLC

Trenwith Group, LLC is a privately held company formed for the purpose of owning and operating a diversified group of financial service businesses. The Trenwith Group currently operates two wholly-owned subsidiaries: Trenwith Securities, LLC, a premier middle market investment banking firm, and Trenwith Valuation, LLC, a leading provider of corporate valuation services. Established in 1981, Trenwith is a subsidiary of BDO Seidman, LLP, an independent Member Firm of BDO International. Trenwith maintains a domestic presence in five U.S. offices while providing clients access to the global marketplace by leveraging a network of nearly 600 independent member firm offices of BDO International around the world.