Todays NEWS:
Monday March 8, 4:15 pm Eastern Time
Company Press Release
SOURCE: JB Oxford Holdings, Inc.
JB Oxford Holdings Establishes Trust to Repurchase Stock from Oeri Finance, Inc.
LOS ANGELES, March 8 /PRNewswire/ -- JB Oxford Holdings, Inc. (Nasdaq: JBOH - news), a provider of discount and on-line brokerage services to clients nationwide, has established an affiliate of the company in the form of a trust to purchase stock from Oeri Finance, Inc. JB Oxford Holdings made a loan to the trust in the amount $586,915, which through a series of transactions was used to acquire 469,540 shares of the company's common stock at an effective price of $1.25 per share. Concurrent with the transaction, the company has relinquished its right of first refusal as to any remaining shares held by Oeri Finance, and Oeri Finance has forgiven $728,000 in demand debt owed by JB Oxford Holdings.
''This transaction is very beneficial to the company,'' said JB Oxford Holdings Chairman and Chief Executive Officer C.L. Jarratt. ''In exchange for relinquishing our right of first refusal on the Oeri holdings, we were able to effect the purchase of our stock at a significant discount to current trading levels and erase a substantial portion of the debt owed to Oeri Finance. This transaction marks one of the final and most significant steps toward ending JB Oxford's association with Felix Oeri and his investment firm.''
''To date, our position has been to withhold payment from Oeri Finance and, where possible, to restrict the transfer of JB Oxford stock from Oeri in order to preserve any claim we may have stemming from the ongoing investigation of the company,'' said JB Oxford President Jamie Lewis. ''Mr. Oeri's willingness to sell under these conditions enabled us to establish a trust to benefit shareholders, which made us comfortable lifting certain restrictions on Oeri's shares.''
The proxy which grants Mr. Jarratt the right to vote all common stock owned by Mr. Oeri and Oeri Finance remains in effect with respect to any and all shares that Oeri may continue to hold. However, management believes that Oeri Finance has substantially divested its remaining holdings.
The transaction, which closed Feb. 18, did not affect the remaining $2.9 million in demand notes held by Oeri Finance that the company continues to negotiate.
JB Oxford Holdings, Inc., through its wholly owned subsidiary JB Oxford & Company, provides discount and on-line brokerage services, as well as correspondent clearing services, to clients throughout the United States. The company has branches in New York, Miami and Los Angeles. More information can be obtained from the company's web site at www.jboxford.com.
This press release contains statements that are forward-looking and comments on market conditions, revenue growth, expense management, and outlook. Any number of conditions may occur which would affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, known and unknown risks, customer trading activity, changes in technology, shifts in competitive patterns, decisions with regard to products and services, changes in revenues and profits, and significant changes in the market environment.
SOURCE: JB Oxford Holdings, Inc.
--------------------------------------------------------------------------------
More Quotes and News: JB Oxford Holdings Inc (Nasdaq:JBOH - news)
Related News Categories: banking
-N.G. |
