CONTINENTAL CAPITAL & EQUITY CORPORATION
ANNOUNCES MANAGEMENT BUYOUT
Longwood, Fl – (BUSINESSWIRE) – July 14, 2000 – Continental Capital & Equity Corporation, a nationally recognized, full service financial public relations firm, today announced that the employees of the Company, led by the Executive Management Committee, are in the final stages of a planned buyout of Mr. John R. Manion, Founder and President of Continental Capital. In consideration of the buyout, Mr. Manion announced his resignation from the Company effective immediately. Employees of Continental are expected to complete a buyout of Mr. Manion prior to the end of July. Nearly 100% of Continental’s personnel have signed letters of intent to purchase shares of the Company.
In a letter to Continental Capital’s Executive Management Committee, Mr. Manion stated, “Since opening our doors in 1992, I have sought to distinguish Continental Capital as an industry innovator and as an organization responsible for redefining how investor relations is delivered. I believe that mission has been accomplished. Continental is a dynamic, results-oriented enterprise which has earned the respect and acknowledgement of our clients, our industry peers, Wall Street and the financial community, in general.”
Mr. Manion also stated, “Continental Capital is now uniquely positioned to leverage its fundamental successes into new and exciting growth opportunities that our Management Committee is more suited to oversee. As such, I am stepping aside so that the Continental team can aggressively steer the Company into a new era of corporate evolution.”
For the past 19 months and in contemplation of the planned buyout, Continental Capital has been managed by its Executive Management Committee, led by Chief Operating Officer Dodi B. (Zirkle) Handy, Chief Financial Officer and General Manager James R. Schnorf, and Vice Presidents Scott Gibson and Jimmy Holton. Audited financials of the Company reflect that under the reign of the Executive Management Committee, Continental Capital achieved 1999 revenue of nearly $9.5 million, representing a 40% increase over revenues generated in 1998. Profits increased nearly 50% to over $3 million. Currently, Continental Capital is on track to achieve similar growth in revenues and profitability in 2000.
Dodi Handy noted, “John Manion has been a mentor to many of us. We will miss his contributions, not just to our business, but to our lives. His proven leadership and corporate vision have served as the cornerstones on which Continental Capital has been built and upon which all future successes will be founded. Moving forward, we intend to initiate an aggressive growth strategy focused on strategic joint venture partners and prospective merger/acquisition candidates. Our goal is to distinguish Continental Capital as a global entity responsible for establishing the standard by which all financial public relations companies are measured.”
About Continental Capital & Equity Corporation
Continental Capital & Equity Corporation is a leading, nationally recognized, financial public relations firm that specializes in increasing mass market awareness of its clients among individual investors, retail stockbrokers, institutional investors, analysts, the financial media and other investment professionals.
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Through its publication, Inside Wall Street, and its web site, www.insidewallstreet.com, Continental concentrates on spotlighting undervalued, undiscovered or turnaround situations operating in emerging, high-growth industries. Since its founding in 1992, Continental has represented hundreds of public companies headquartered on six continents. Current clients include, but are not limited to, Ashton Technology Group, Inc. (Nasdaq/NM:ASTN); NetCurrents, Inc. (Nasdaq:NTCS); Ursus Telecom Corporation (Nasdaq/NM:UTCC); BitWise Designs, Inc. (Nasdaq:BTWS); THCG, Inc. (Nasdaq/NM:THCG); New Visual Entertainments, Inc. (OTCBB:NVEI); IFS International, Inc. (Nasdaq:IFSH); and Viragen, Inc. (AMEX:VRA).
FOR MORE INFORMATION, PLEASE CONTACT:
Dodi B. Handy
407-682-2001
dodi@insidewallstreet.com |
