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Financeware, Inc. Closes Recapitalization
August 24, 2006
Financeware, Inc.
Press Release
FOR IMMEDIATE RELEASE
CONTACT:
Catherine Boswell
Financeware, Inc.
804/644-4711
cboswell@financeware.com
FINANCEWARE, INC. CLOSES RECAPITALIZATION
RICHMOND, Va.--(BUSINESS WIRE)--August 23, 2006--Financeware, Inc. announced today the closing of a recapitalization effort whereby the company has eliminated all outstanding preferred classes of stock in exchange for either cash and short-term notes or common stock and long-term interest bearing notes.
The recapitalization did not involve any cash infusion since the company had already accumulated cash beyond its operating needs due to successive years of profitability. Therefore, the repurchase of outstanding preferred interests was accomplished through a series of share repurchases, share conversions to common and notes payable.
Robert P. Wilson, CFO of Financeware commented, "Eliminating the inherent conflicts of interest between various preferred and common share classes will enable us to continue our growth plans, in particular our rapidly growing asset management business, by providing us with a currency for acquisitions and to attract new associates." He continued, "Our remaining shareholders' interests are now aligned with the firm's long-term vision of powering the future of financial advice."
In addition to current and former employees and original angel investors, two institutions remain minority investors in the firm's common stock.
David B. Loeper, CEO of Financeware, stated, "It has been rewarding to see the industry migrate toward our life-relative, goals based Wealthcare advising process." He added, "The burgeoning baby boomer generation creates a huge pent up demand for financial advisors offering the services we assist them in providing and we are optimistic this trend will continue and even accelerate for some time into the future."
ABOUT FINANCEWARE
Based in Richmond, Virginia, Financeware is powering the future of financial advice through a unique suite of advising services and tools including asset management (the firm is an SEC registered investment advisor and offers a turn-key life relative asset management program through its Wealthcare Capital Management brand), a service bureau delivering advice creation and monitoring services for financial advisors and various technology tools through licensing that enable the delivery of Wealthcare services. The goal-based advising approach called Wealthcare, allows advisors to give their clients confidence in meeting their goals, without unnecessary sacrifice to their lifestyle, while avoiding undue investment risk. Information about the company is available online at www.financeware.com. Founded in 1999, the company is privately held.
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Copyright 1999-2010 Financeware, Inc., U.S. Patents 6,947,904, 7,562,040, 7,650,303, and 7,765,138.
International and U.S. patents held as listed here
Other U.S. and international patents pending. All Rights Reserved.
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