RYE, New York, October 22, 2012 – (OTC: MGHL) Morgan Group Holding Co. is today announcing that Jonathan P. Evans has been appointed as the Company’s Chief Executive Officer, effective November 1, 2012. In the position he replaces Mario J. Gabelli, who remains non-executive Chairman after more than ten years of service in the role, for which he received no salary or fees. Mr. Evans also has been elected to the Board of Directors.
Mr. Gabelli said “I believe that Jonathan will provide the leadership needed to guide the Company as it identifies and implements its growth strategy.”
Mr. Evans served in several positions for Crane Merchandising Systems, a division of Crane Co., most recently as Director – Strategic Initiatives. In 2006, Mr. Evans received an MBA from the Columbia University Graduate School of Business.
MGHL is a holding company whose primary assets, at June 30, 2012, consist of $321,832 in cash and marketable securities and a capital loss carry forward of approximately $4.5 million which it expects will substantially expire in 2013.
Areas of opportunity include, but are not limited to, US based manufacturing businesses that produce EBITDA of $5-$20 million.
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This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It should be recognized that such information may be based upon assumptions, projections and forecasts, and must be read in light of the cautionary statements set forth in documents filed by Morgan Group Holding Co. As a result, there can be no assurance that any possible transactions will be accomplished or be successful or that financial targets will be met, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
Morgan Group Holding Co.’s web address is: http://www.morgangroupholdingco.com.
Contact: Robert E. Dolan
Chief Financial Officer