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Summit Financial Services Group Buys Back and Retires Approximately 10% of its Common Stock From Vertigo
By: PR Newswire
Jan. 2, 2013 01:56 PM
BOCA RATON, Fla., Jan. 2, 2013 /PRNewswire/ -- Summit Financial Services Group, Inc. (OTC Bulletin Board: SFNS) announced today that the Company has repurchased in a private transaction, and retired, approximately 2.35 million shares, or approximately 10%, of the Company's common stock from Vertigo Capital LP and certain of its affiliates, for a purchase price of approximately $1.75 million, or $0.745 per share.
Marshall Leeds, the Company's Chairman, Chief Executive Officer and President, stated: "We believe that this repurchase, together with our recently completed repurchase of the 4,000,000 shares held by Antares Capital Fund III, should benefit each of the Company's shareholders given the potential of the transaction to increase shareholder value."
The Company is a Florida-based financial services holding company that provides, through its operating subsidiary, Summit Brokerage Services, Inc. ("Summit Brokerage"), a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.
Summit Brokerage is registered with the Securities and Exchange Commission (SEC), and is a member of FINRA (f/k/a NASD), the Municipal Securities Rule Making Board, and the National Futures Association. The Company currently offers its services through a network of 310 registered representatives, and its business plan is focused primarily on increasing its network of affiliated registered representatives through recruitment as well as by acquisitions.
All of the above numbers have been rounded for ease of presentation.
This press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, as amended. Any such statements are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and they involve a number of risks and uncertainties that could cause actual results to differ materially from those that may be anticipated by or from the forward-looking statements. Important factors that could cause such a difference are set forth in the Company's filings with the Securities and Exchange Commission and include, but are not limited to, investor confidence and the performance of the securities markets, and the availability of suitable candidates for the Company's acquisition or recruitment.
SOURCE Summit Financial Services Group, Inc.
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