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Exhibit 99.1
Maxcor Financial
FOR IMMEDIATE RELEASE
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MAXCOR FINANCIAL GROUP INC.
HOLDS ANNUAL STOCKHOLDER MEETING
3 Directors Re-elected to Three-year Terms
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(New York, New York - June 8, 2000) - Shareholders at the annual
meeting of Maxcor Financial Group Inc. (Nasdaq: MAXF) voted today to re-elect
three current directors of the Company - James W. Stevens, Frederick B.
Whittemore and Robin A. Clark - to the Company's nine-member board. Their term
of office as Class I directors will expire in three years.
Mr. Stevens, 63, has been a director of the Company since its August
1996 acquisition of its Euro Brokers inter-dealer brokerage business. From 1987
through 1994, Mr. Stevens held various senior positions at The Prudential
Insurance Company of America, including serving on its Operating Council and as
Chairman and Chief Executive Officer of the Prudential Asset Management Group.
Previously, he was a Managing Director of Dillon Read & Co. Inc., Chairman of
Citicorp Venture Capital Ltd. and Group Executive of Citicorp's Capital Markets
Group.
Mr. Whittemore, 68, has been a director of the Company since its
inception in 1994. Since 1989, Mr. Whittemore has been an Advisory Director at
Morgan Stanley & Co. Incorporated. He started at the investment bank in 1958,
was named a Partner in 1967 and a Managing Director from 1970 to 1988. He has
also been a member of the Council of Foreign Relations since 1983 and was
Chairman of the Board of the Amos Tuck School of Business Administration at
Dartmouth College from 1988 to 1992. Mr. Whittemore is also a former Governor
and Vice Chairman of the American Stock Exchange.
Mr. Clark, 30, was appointed a director of the Company in January 2000.
Mr. Clark is Chief Executive Officer of Euro Brokers Holdings Limited, the
Company's holding corporation for its Euro Brokers London operations, Joint
Managing Director of its Euro Brokers Finacor venture and a director of its Euro
Brokers Switzerland operations. Mr. Clark joined the Company in 1994 to
establish its yen derivatives business in London, and assumed management
responsibility for its London operations in November 1996. Prior to joining
Maxcor, Mr. Clark was Divisional Director at M.W. Marshalls & Co.
In a related matter, shareholders at the annual meeting ratified the
appointment of PricewaterhouseCoopers LLP as the Company's independent auditors
for the fiscal year ending Dec. 31, 2000.
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In comments to attendees at the annual meeting, Gilbert Scharf,
Chairman and Chief Executive Officer of Maxcor, reported on various aspects of
the Company's business. Among other things, Mr. Scharf told shareholders that
the Company had in late May successfully begun the deployment of its electronic,
interactive brokerage system for emerging market debt, specifically Brady bonds
and global bonds, and was in the process of expanding the user base for the
system. He also indicated that, to date, the Company has repurchased a total of
68,002 shares of its common stock under its previously announced stock
repurchase program.
Maxcor Financial Group Inc. (www.maxf.com), through its various Euro
Brokers entities, is a leading domestic and international inter-dealer brokerage
firm specializing in interest rate and currency derivatives, emerging market
products, cash deposits and other money market instruments, repurchase
agreements, corporate bonds and other fixed income securities, and certain
energy products (including electricity, physical emissions and coal). Maxcor
Financial Inc. is the Company's U.S. registered broker-dealer subsidiary, and
Maxcor Financial Asset Management Inc. is the Company's SEC registered
investment adviser subsidiary. The Company employs approximately 600 persons and
maintains principal offices in New York, London, and Tokyo, with other offices
in Stamford (CT), York (PA), Vancouver (WA), Geneva, Toronto and Mexico City.
Contact: Maxcor Financial Group Inc., New York
Investor Relations: Roger Schwed, (212) 748-7000
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This release contains certain "forward-looking" statements made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Wherever possible, the Company has identified these forward-looking
statements by words such as "believes," "anticipates," "expects" and similar
phrases. Such forward-looking statements, which describe the Company's current
beliefs concerning future business conditions and the outlook for the Company,
are subject to significant uncertainties, many of which are beyond the control
of the Company. Actual results or performance could differ materially from that
expected by the Company. Uncertainties include factors such as market and
economic conditions, the success of technology development and deployment, the
status of relationships with employees, customers and clearing firms, possible
third-party litigations or other unanticipated contingencies, the actions of
competitors, and government regulatory changes. Reference is made to the
"Cautionary Statements" section of the Company's 1999 Annual Report on Form 10-K
and to the Company's subsequent filings with the Securities and Exchange
Commission for a fuller description of these and additional uncertainties. The
forward-looking statements made herein are only made as of the date of this
press release, and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
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