JERSEY CITY, N.J., Jan. 21 /PRNewswire-FirstCall/ -- Hudson Holding Corporation (OTC Bulletin Board: HDHL), parent of Hudson Securities, Inc., today announced that it has entered into a Letter of Intent to acquire the equity research and investment banking business of Next Generation, LLC, a Chicago based equity research boutique focused on the needs of institutional investors. The consummation of the transaction is subject to completion of due diligence, the negotiation of a definitive agreement, approval by Next Generation's members, FINRA approval and customary closing conditions. There can be no assurance that the transaction will be completed.
"I am delighted by the anticipated addition of Next Generation's team and its Chicago office to our roster. Next Generation delivers high quality, unbiased, idea driven research on companies with market capitalizations of $5 billion or less. This will allow Hudson to offer its institutional clients a unique research product that addresses companies that are often overlooked by other firms," noted Anthony (Tony) M. Sanfilippo, the Company's Chief Executive Officer.
Timothy M. Fierce, Managing Partner of Next Generation, stated, "We are excited to join Hudson and gain access to their resources. We believe that this will enable us to leverage our platform and expand our existing client base." Michael W. Boehm, Managing Partner of Next Generation, added, "Hudson gives us the ability to expand our research acumen in the marketplace and advance our investment banking capabilities."
The parties expect the transaction to be completed in the first quarter of 2010.
Hudson Holding Corporation is a publicly traded company on the OTC Bulletin Board under the symbol "HDHL" and is the parent of Hudson Securities, Inc. and Hudson Technologies, Inc. Hudson Securities, Inc. is dedicated to meeting the liquidity needs of its clients — institutions, hedge funds, asset managers, and broker dealers — by providing execution solutions and making markets in over 15,000 U.S. and foreign securities and ADRs. As a registered broker-dealer under the Securities Exchange Act of 1934, Hudson Securities is a member of the Financial Industry Regulatory Authority ("FINRA") and has been in business since 1984. Hudson Technologies provides technology services to Hudson Securities and client companies.
Next Generation Equity Research, LLC
Next Generation Equity Research, LLC is an equity research boutique focused on the needs of the institutional investor. It provides unbiased, idea-driven research on small to mid-cap companies in the industrial, airlines, and basic materials sectors. Next Generation's focus on the small to mid-cap sector fulfills demand for research products covering publicly-held companies often overlooked by other investment firms.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Anthony (Tony) M. Sanfilippo
Keith R. Knox
SOURCE Hudson Holding Corporation