RYE, New York, October 3, 2002 – Morgan Group Holding Co. (OTC:MGHL) announced that The Morgan Group, Inc. (AMEX:MG) issued a press release today announcing the suspension of operations for its two transportation operating subsidiaries.
The Morgan Group, Inc. has two wholly-owned operating subsidiaries, Morgan Drive Away, Inc. and TDI, Inc., of which both subsidiaries participate in the vehicle delivery business.
The Morgan Group, Inc.’s liability insurance expired at 12:01 a.m. on October 3, 2002 and the company has been unable to secure replacement liability insurance. The company is required to cease operating motor vehicles without required minimum levels of liability insurance.
MGHL is a holding company that consolidates financial statements with The Morgan Group, Inc., in which MGHL has a 64.2% ownership interest and a 77.6% voting interest.
* * * * * * * *
Contact: Robert E. Dolan
Chief Financial Officer
Vice President of Corporate Development