Thomas Weisel Partners Group, Inc.
(NASDAQ: TWPG) (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.
