HOUSTON, May 26, 2011 /PRNewswire/ -- Sanders Morris
Harris Group Inc. (NASDAQ: SMHG) today announced that the Company's
shareholders approved the change of the Company's name from Sanders
Morris Harris Group Inc. to The Edelman Financial Group Inc. In
addition, the Company's stock will begin trading under the symbol
"EF" on Friday, May 27, 2011 on the
NASDAQ Global Select Market.
George Ball, Chairman and
Co-Chief Executive Officer stated, "The name change was approved by
our shareholders as a step in the Company's plan to capitalize on
the nationwide recognition of the Edelman brand. With Ric
Edelman joining me as Co-Chief Executive Officer, supported by our
strong management team, our focus on growth as a wealth management
firm positions us very well for the future."
Ric Edelman, Co-Chief Executive
Officer, added, "We will be working hard to maximize the returns to
our stakeholders – clients, investors, and employees alike."
In addition to Mr. Edelman's nationally syndicated radio show,
his new weekly television program, The Truth About Money with
Ric Edelman, has begun airing on
public television stations nationwide. It will be shown by stations
that reach over 90% of all U.S. television households and is
estimated to be seen by 20 million viewers in the next year.
The Company further announced the Board of Directors declared a
regular quarterly cash dividend in the amount of $0.05 per share of common stock. The
dividend will be payable on July 19,
2011 to common shareholders of record at the close of
business on July 5, 2011.
While The Edelman Financial Group intends to declare dividends
in subsequent quarters, any future dividends will be at the
discretion of the Board of Directors after taking into account
various factors, including general economic and business
conditions, tax considerations, its strategic plans, its financial
results and condition, its expansion plans, any contractual, legal
or regulatory restrictions on the payment of dividends, and such
other factors the Board considers relevant.
About The Edelman Financial Group
The Edelman Financial Group is a wealth management company that
manages approximately $18.2 billion
in client assets. Client assets include the gross value of assets
under management directly or via outside managers and assets held
in brokerage accounts for clients by outside clearing firms. Its
corporate philosophy of investment in common aligns its interests
with those of its clients. The Edelman Financial Group has
approximately 530 employees in 21 states. Additional information is
available at www.edelmanfinancial.com or www.smhgroup.com.
In addition to the historical information, this press release
contains certain forward-looking statements under federal
securities laws, including statements regarding The Edelman
Financial Group's expected future business prospects, revenue and
income. These forward-looking statements are based upon current
expectations and involve certain risks and uncertainties that could
cause actual results to differ materially from any such statement.
These risks and uncertainties, many of which are beyond the
Company's control, include, but are not limited to (1) trading
volume in the securities markets; (2) volatility of the securities
markets and interest rates; (3) changes in regulatory requirements
that could affect the demand for the Company's services or the cost
of doing business; (4) general economic conditions, both domestic
and foreign, especially in the regions where the Company does
business; (5) changes in the rate of inflation and related impact
on securities markets; (6) competition from existing financial
institutions and other new participants in the securities markets;
(7) legal developments affecting the litigation experience of the
securities industry; (8) successful implementation of technology
solutions; (9) changes in valuations of the Company's trading and
warrant portfolios resulting from mark-to-market adjustments; (10)
dependence on key personnel; (11) demand for the Company's
services; and (12) litigation and securities law liabilities. The
Company does not undertake any obligation to publicly update or
revise any forward-looking statements.
SOURCE Sanders Morris Harris Group Inc.