International Assets Holding Corporation Announces Acquisition of Risk Management Incorporated ("RMI")
April 05 2010 - 9:17AM
International Assets Holding Corporation (INTL) (Nasdaq:IAAC) today
announced that it has acquired Risk Management Incorporated (RMI),
a Chicago-based Introducing Broker (IB), and RMI Consulting, Inc.,
companies that together specialize in the development and execution
of price-risk and credit-risk management programs in the energy
sector.
RMI provides execution and consulting services to some of the
largest natural gas consumers in North America, including
municipalities and large manufacturing firms, as well as major
utilities. In addition to its risk-management and brokerage
services, RMI also offers a wide range of other programs, including
a proprietary online energy procurement platform.
As a result of the all-cash transaction, which closed on April
1, 2010, the RMI companies will become wholly owned subsidiaries of
INTL's integrated commodity risk-management firm FCStone Group,
Inc. RMI's senior management team, as well as its employees
in Chicago and Topeka, Kansas, will remain in place following the
acquisition.
Commenting on the transaction, Sean O'Connor, Chief Executive
Officer of INTL, noted, "This acquisition adds extensive and proven
expertise in the natural gas, electricity and related energy
markets where RMI has a leading presence, as well as a broad range
of long-term relationships with some major organizations. Together
with the existing FCStone capabilities in energy risk-consulting
and execution, we are now able to offer a substantial capability
across all energy markets to a broader and more diversified
customer base both domestically and internationally."
The three principals of RMI, John Snell, Dan Conrath and Shane
Mathis, all have more than 20 years of experience in managing
commercial risk in the energy markets.
"We are very excited to become part of the INTL-FCStone family,"
commented Snell. "We have always felt that our conservative but
creative approach to risk management had a lot in common with
FCStone's, and we also share a strong emphasis on customer
service. My partners and I believe that INTL/FCStone provides
a unique platform and opportunity for us to significantly leverage
our expertise in our markets, and to strengthen and expand our
relationships."
About International Assets Holding Corporation
International Assets Holdings Corporation (INTL) provides
execution and advisory services in commodities, currencies and
international securities. INTL's businesses, which include the
commodities advisory and transaction execution firm FCStone Group,
serve more than 10,000 commercial customers in more than 100
countries through a network of offices in eleven countries around
the world. Further information on INTL is available at
www.intlassets.com.
Forward Looking Statements
This press release includes forward-looking statements including
statements regarding the combined company. All statements other
than statements of current or historical fact contained in this
press release are forward-looking statements. The words
"believe," "expect," "anticipate," "should," "plan," "will," "may,"
"could," "intend," "estimate," "predict," "potential," "continue"
or the negative of these terms and similar expressions, as they
relate to International Assets Holding Corporation, are intended to
identify forward-looking statements.
These forward-looking statements are based largely on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the combined
company. They can be affected by inaccurate assumptions,
including the risks, uncertainties and assumptions described in the
filings made by International Assets with the Securities and
Exchange Commission. In light of these risks, uncertainties and
assumptions, the forward-looking statements in this press release
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. When you
consider these forward-looking statements, you should keep in mind
these risk factors and other cautionary statements in this press
release.
These forward-looking statements speak only as of the date of
this press release. International Assets undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements.
CONTACT: International Assets Holdings Corporation
Bill Dunaway
866-522-7188
bdunaway@intlassets.com
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