Thomas Weisel Partners Group, Inc. Announces Appointment of Chief Financial Officer and Schedules Second Quarter 2008 Earnings R
July 07 2008 - 6:00AM
Marketwired
SAN FRANCISCO, CA (TSX: TWP) announces that its Chief Financial
Officer search is completed and that Shaugn Stanley, the interim
Chief Financial Officer, will be appointed Chief Financial Officer
and will become a member of the Executive Committee. Supporting Mr.
Stanley in the finance department, Keith Harris, the prior Chief
Financial Officer of Westwind Partners, will become Chief Operating
Officer of TWP Canada and the firm's Treasurer, and Ryan Stroub,
previously the Head of Finance, will become the Chief Accounting
Officer.
"I am delighted to accept the position as Chief Financial
Officer. The firm continues to maintain a strong balance sheet with
substantial liquidity. As of May 31, 2008, the available cash is
approximately $130 million, an increase of $19.5 million from
$110.5 million reported at the end of the first quarter. As of the
end of the second quarter of 2008, these amounts have not changed
materially from May 31, 2008. The firm's excess regulatory capital
as reported in its most recent regulatory filings is $70 million,
up substantially from $43 million in excess regulatory capital as
of the end of the first quarter. In addition, during the second
quarter, we retired a $2.8 million secured financing due in
December 2008. Our only remaining debt was issued in conjunction
with our initial public offering in exchange for equity interests
and is not due until 2011. Finally, having completed our previously
announced headcount reductions and other related expense
reductions, we believe we are well positioned to benefit from a
return to a more normal market environment," said Mr. Stanley.
Second Quarter 2008 Earnings Conference Call Information
Thomas Weisel Partners will host a second quarter 2008 earnings
results conference call on Wednesday, July 30, 2008 at 5:00 p.m.
Eastern Time (2:00 p.m. Pacific Time). The conference call may
include forward-looking statements, including guidance as to future
results.
All interested parties are invited to listen to Thomas Weisel
Partners' Chairman and Chief Executive Officer, Thomas W. Weisel,
and President and Chief Operating Officer, Lionel F. Conacher, by
dialing (888) 221-3915 (domestic) or (913) 312-6670
(international). The confirmation code for both the domestic and
international lines is: 1408823.
A live web-cast of the call, as well as the company's results,
will be available through the Investor Relations/Webcasts section
of www.tweisel.com, which can also be accessed directly at:
http://www.tweisel.com/AboutUs/InvestorRelations/Webcasts
To listen to the live call, please go to the web-site at least
15 minutes early to register, download and install any necessary
audio software.
For those who cannot listen to the live broadcast, a replay will
be available through the above-referenced web-site one hour
following the call through August 13, 2008.
About Thomas Weisel Partners Group, Inc.
Thomas Weisel Partners Group, Inc. is an investment bank,
founded in 1998, focused principally on the growth sectors of the
economy. Thomas Weisel Partners Group, Inc. generates revenues from
three principal sources: investment banking, brokerage and asset
management. The investment banking group is comprised of two
disciplines: corporate finance and strategic advisory. The
brokerage group provides equity and convertible debt securities
sales and trading services to institutional investors, and offers
brokerage, advisory and cash management services to high-net-worth
individuals and corporate clients. The asset management group
consists of: private equity, public equity and distribution
management. Thomas Weisel Partners is headquartered in San
Francisco with additional offices in Baltimore, Boston, Calgary,
Chicago, Cleveland, Denver, New York, Portland, Silicon Valley,
Toronto, London, Mumbai and Zurich. For more information, please
visit www.tweisel.com.
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