EXHIBIT 28.1
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NEWS RELEASE DMC
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Contacts: James K. Mitchell Stephen D. Martino
Chairman and CEO Chief Financial Officer
(617) 747-0180 (617) 747-0154
FECHTOR, DETWILER, MITCHELL & CO. CHANGES NAME
TO DETWILER, MITCHELL & CO. AND
ANNOUNCES 1-FOR-4 REVERSE COMMON STOCK SPLIT
BOSTON, MA - (March 26, 2001) - Detwiler, Mitchell & Co. ("DMC")
(NASDAQ: DMCO; PCX: DEM) today announced that the stockholders have
approved, and the Company subsequently filed, an amendment to its
Certificate of Incorporation to change its name from Fechtor, Detwiler,
Mitchell & Co. and to effect a 1-for-4 reverse split of the issued and
outstanding shares of common stock. On March 27, 2001, the Company's
common stock will be listed under the symbol "DMCO" on the Nasdaq SmallCap
Market and under the symbol "DEM" on the Pacific Exchange.
"The Company's financial position continues to be sound and
management expects to report positive results of operations for the first
quarter of 2001," said James Mitchell, Chairman and CEO. "The reverse
split of the common stock should not be perceived as a weakness in our
financial condition or our prospects," Mitchell continued, "The reverse
split was undertaken primarily to increase the price of the Company's
common stock to comply with the $1 minimum bid price requirement for
continued listing on the Nasdaq SmallCap Market."
Regarding the name change, Mr. Mitchell stated "We believe the name
`Detwiler, Mitchell & Co.' reflects the current structure of the Company
and provides management with a new moniker to lead our diverse companies
into the future."
Detwiler, Mitchell & Co. is the holding company for its principal
operating subsidiaries, Fechtor, Detwiler & Co., Inc., an investment
banking, merchant banking and brokerage company headquartered in Boston;
MA, K. & S., Inc., a specialist firm with seats on the Boston Stock
Exchange and James Mitchell & Co., a financial services company located in
San Diego, CA. Additionally, DMC has formed Detwiler, Mitchell & Co. (UK)
Limited, located in London, UK, to conduct institutional sales and
investment banking throughout the UK, Europe, and Canada and will begin
operations once regulatory approvals are obtained.
Cautionary Statement Regarding Forward-Looking Statements: Certain
statements in this news release may contain forward-looking statements
within the meaning of the Federal securities laws. Such statements should
be considered in light of the risks and uncertainties associated with
Detwiler, Mitchell & Co. and its operating subsidiaries, including those
economic and market risks contained in the Company's Annual Report on Form
10-K, and other risks prevailing from time to time; all of which are
subject to material changes and may cause actual results to vary materially
from what had been anticipated.
[DMC LOGO]
225 Franklin Street, 20th Floor
boston, massachusetts 02110
(617) 451-0100