Anyone think this guy got a raw deal?
EAST - EASTBROKERS INTL INC
Exchange: NASDAQ
Delay: at least 15 minutes
Last Price: 7 5/16 at 16:00 EST
Change: Up 1 15/16 (+36.05%)
High: 13 at 10:35 EST
Largest Shareholder Increases Stake in Eastbrokers International,By Purchasing 526,884 Shares of Common Stock for $15 Per Share
ROCKVILLE, Md., Feb. 11 /PRNewswire/ -- Eastbrokers International Incorporated (Nasdaq: EAST; Berlin and Frankfurt Stock Exchanges: ETB) announced today its largest shareholder, Mr. Wolfgang M. Kossner, through his Austrian financial conglomerate, General Partners AG, has purchased, in a private transaction, 526,884 shares of the Company's outstanding common stock. General Partners and Mr. Kossner now own 1,736,523 shares or 33% of the Company's outstanding common stock. The shares were purchased from Mr. Peter Schmid, the former Chairman and Chief Executive Officer of the Company at approximately $15 per share. This is the third time in the past two years that Mr. Kossner has increased his stake.
General Partners AG, which was founded by Mr. Kossner in 1993, also owns several other businesses including a real estate development company in Austria. Mr. Kossner has been actively involved in the Company's operations and development since August, 1996. However, in December 1998, Mr. Kossner increased his responsibilities at the Company, and is now the Vice Chairman of the Board, and is responsible for the Company's European operations.
In a statement today, Mr. Kossner said, "In my opinion, the true value of Eastbrokers International has not developed, as the Company has yet to fully integrate its assets in the US and Europe. However, I fully expect in 1999, that the Company will do so. We have a tremendous amount of new developments which will propel the Company to the next level. I believe my investment in Eastbrokers International will generate significant returns as the Company continues to grow and mature."
Eastbrokers International operates a highly diversified, international, investment banking and securities network. In Europe, Eastbrokers operates WMP Bank AG, an Austrian bank and brokerage company, in which the Company maintains a majority interest. The Company also operates other brokerages throughout Central and Eastern Europe. In the United States, the Company operates EBI Securities Corporation, a NASD member, full service, investment banking and brokerage firm with 20 offices. For further information about the Company, please contact the US corporate headquarters at 301-527-1110 or by e-mail at info@Eastbrokers.net.
Certain information contained in this press release includes forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties, including but not limited to the effect of political, economic and market conditions both domestically and in Eastern and Central Europe and those referred to in the discussion of risks and uncertainties set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 1998, and in the Company's other reports filed pursuant to the Securities Exchange Act of 1934. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date hereof and the Company undertakes no obligation to release any revisions to the forward- looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
SOURCE Eastbrokers International Incorporated
CO: Eastbrokers International Incorporated
ST: Maryland
IN: FIN
SU:
02/11/99 09:10 EST prnewswire.com
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