JOSEPHTHAL, LYON & ROSS ACQUIRES IN EXCESS OF 7.5 PERCENT OF RODMAN & RENSHAW CAPITAL GROUP INC.
NEW YORK, July 27 /PRNewswire/ -- Josephthal, Lyon & Ross, Incorporated today announced that it had purchased 330,000 shares of common stock of Rodman & Renshaw Capital Group Inc. representing approximately 7.6 percent of its issued and outstanding capital stock. Dan Purjes, chairman and chief executive officer of Josephthal, stated: "Josephthal believes it is now the largest stockholder of Rodman & Renshaw Capital Group Inc." Josephthal recently made a proposal to merge with Rodman & Renshaw. Josephthal is a New York Stock Exchange member firm with over 1,100 employees in 25 offices located primarily on the East Coast. Mr. Purjes further stated that: "A merger of Josephthal and Rodman would create a significant full-service brokerage firm with combined revenues of approximately $200 million, very significant profits and a high return on equity. We believe there would be numerous synergies between the two firms. Rodman & Renshaw has many strengths which we lack and Josephthal has many strengths that complement Rodman's," Mr. Purjes said. -0- 7/27/93 /CONTACT: Dan Purjes, chairman of Josephthal, Lyon & Ross, 212-986- 8469, Tim Metz of Abernathy/MacGregor/Scanlon, 212-371-5999, for Josephthal, Lyon & Ross/
CO: Josephthal, Lyon & Ross, Inc.; Rodman & Renshaw Capital Group Inc. ST: New York IN: FIN SU: TNM
LG-TS -- NY055 -- 6259 07/27/93 13:05 EDT
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|Date:||Jul 27, 1993|
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