IBS services include technology consultingtesting usability engineering business intelligence & data warehousingapplication development re-engineering and maintenance
IBS services include technology consulting,testing, usability engineering, business intelligence & data warehousing,application development, re-engineering, and maintenance. IBS operates softwaredevelopment centers in Atlanta, Bangalore, Boston, Cochin, London, Tokyo,Trivandrum and Washington DC. More information on IBS is availableat http:// For Travelocity:Amanda Borichevsky, orAlyson Gomez, orFor HBSi:Michelle Silverman, Copyright Business Wire 2009. ST LOUIS–(Business Wire)–Stifel Financial Corp. (NYSE: SF) announced today that its subsidiary, Stifel,Nicolaus & Company, Incorporated (“Stifel”) has received acceptance fromapproximately 95 percent of its clients that are eligible to participate in itsvoluntary plan to repurchase 100 percent of their auction rate securities(“ARS”).
The eligible ARS were purchased by Stifel clients before the wholesalecollapse of the ARS market in February 2008. “We are extremely gratified by the overwhelming and positive response to thevoluntary offer. The initial repurchase will be completed by the end of thismonth,” Stifel Chairman and CEO Ronald J Kruszewski said. Moreover, he notedthat by June 30 about 40 percent of the eligible accounts will have received 100percent liquidity for their ARS holdings Mr. Kruszewski explained, “We view our clients` acceptance of our voluntary planas a clear endorsement of our commitment to provide liquidity to clients who,like us, had to deal with a market collapse that neither Stifel nor our clientscould have anticipated.” He added, “It is important to recognize that we didn`thave access to material information regarding the unexpected collapse of the ARSmarket which, tellingly, many of the major market participants enjoyed. Thiscritical distinction differentiates us from those major market ARSparticipants.” As previously announced, the voluntary plan provides for additional repurchasesat par after the initial repurchase from eligible investors during each of thenext three years of the greater of 10 percent or $25,000 of eligible ARS.
Thevoluntary plan will ultimately provide complete liquidity to all of Stifel`snearly 1,200 ARS retail clients that accept the offer. Since the ARS market collapse in early 2008, redemptions have continued,reducing retail client holdings by more than half. Stifel estimates that itsretail clients currently hold approximately $170 million of eligible ARS. Complete details of Stifel`s ARS repurchase plan are posted on About Stifel FinancialStifel Financial Corp. operates 203 offices in 36 states and the District ofColumbia through its principal subsidiary, Stifel, Nicolaus & Company,Incorporated, and three European offices through Stifel Nicolaus Limited.