LONGWOOD, Fla., June 29 /PRNewswire-FirstCall/ -- Jesup & Lamont Inc. (Amex: JLI), today announced that it was taking steps to reduce costs, determine strategic alternatives to maximize values for stake holders and terminating all non-essential personnel, except for Alan Weichselbaum, its CEO, who will continue on a non-salaried basis. Steven Rabinovici, formerly an Executive Chairman, will remain as a non-executive Chairman of the Board, also on a non-salaried basis. William Holub, Chief Financial Officer of Jesup & Lamont Securities Corp. and VP of finance of the parent will oversee the financial affairs of the parent. Except for the continuation of salaries to a limited staff, all salaries and draws have been terminated. All officers of JLI will report directly to its Audit Committee.
Jesup & Lamont also announced that Mark Wilton had resigned from the Board for health reasons and that Donald Wojnowski had resigned from the Board for personal reasons.
The above events follow FINRA's order that Jesup & Lamont Securities Corp. cease conducting a Securities business, other than liquidating transactions, because of its failure to meet net capital rules. The Company continues to engage in dialogue with FINRA with respect to regaining compliance with the net capital rules.
About Jesup & Lamont
Established in 1877, Jesup & Lamont has an extensive history on Wall Street, with its origins encompassing such successes as providing brokerage services to Standard Oil and raising capital for the construction of Rockefeller Center. Jesup & Lamont is a full service broker-dealer with over 300 retail brokers in over 30 offices nationwide; institutional sales offices in New York, San Francisco, Los Angeles, Boston, Boca Raton and Orlando. The company also publishes proprietary research on several industries including Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare and offers comprehensive investment banking services.
Forward-Looking Statement Disclaimer
This press release contains "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risk, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, without limitation, fluctuations in the volume of transactional services provided by the Company, competition with respect to financial services commission rates, the effect of general economic and market conditions, factors affecting the securities brokerage industry as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. The company undertakes no obligation to revise or update any forward-looking statement.
SOURCE Jesup & Lamont, Inc.