EX-99.1
3
v054229_ex99-1.htm
Unassociated Document
Tejas
Incorporated Announces Sale of Wholly-Owned
Subsidiary,
Capital & Technology Advisors, Inc.
AUSTIN,
TEXAS- October 2, 2006- Tejas Incorporated (OTC BB:TEJS) announced today that
it
has sold its wholly owned subsidiary Capital & Technology Advisors Inc.
("C&TA"), the management and consulting firm that it acquired in July, 2005,
to the former owners of C&TA.
Under
the
terms of the agreement governing the sale, Tejas sold the stock of the
subsidiary to its former owners in exchange for 3,157,895 shares of Tejas common
stock which was the Tejas stock portion of the consideration paid by Tejas
for
the subsidiary in 2005. Jared E. Abbruzzese Sr., who joined the Tejas board
as
part of the 2005 transaction has resigned from the Board of Directors of Tejas
and Wayne Barr, who also joined Tejas in 2005, has resigned his positions with
Tejas.
John
Gorman, Chairman of the Board of Tejas, commented "When we acquired Capital
& Technology Advisors, Inc. in July 2005 we contemplated creating
opportunistic synergies that would assist us to grow our franchise. Since the
acquisition, we experienced an industry wide decrease in telecommunication
restructurings and a related reduction in C&TA's customer engagements and
fees. After thorough analysis, we believe it is in the best interest of our
company and our shareholders to focus more strongly on our core competencies
in
the investment banking, brokerage and trading, and research areas".
Tejas
Incorporated
Tejas
Incorporated is a holding company whose only operating subsidiary is Tejas
Securities Group, Inc., a Texas corporation ("Tejas Securities"). Tejas
Securities is a full service brokerage and investment banking firm that focuses
on the following: (i) proprietary research on distressed debt and special
situation securities, (ii) trading and other brokerage services to value-based
institutional and retail investors active in fixed income and equity
instruments, and (iii) corporate finance and strategic advisory services to
middle-market companies within our target industries. To learn more about Tejas
Securities, please visit the Company's web site at
www.tejassec.com.
Safe
Harbor Statement
This
press release may contain forward looking statements. Undue reliance should
not
be placed on the forward-looking statements, which speak only as of the date
of
this news release. Important factors that could cause actual results to differ
materially from such forward-looking statements are described in the Company's
most recent Forms 10-K and 10-Q, and the Company's other SEC filings. The
Company does not undertake any obligation to publicly update any forward-looking
statements.
Contact:
Craig
Biddle
cbiddle@tejassec.com
512-306-5281

EX - 99 . 1 3 v054229 _ ex99 - 1 . htm Un associated Document Tejas Incorporated Announces Sale of Wholly - Owned Subsidiary , Capital & Technology Advisors , Inc . AUSTIN , TEXAS - October 2 , 2006 - Tejas Incorporated ( OTC BB : TEJS ) announced today that it has sold its wholly owned subsidiary Capital & Technology Advisors Inc . ( " C & TA " ) , the management and consulting firm that it acquired in July , 2005 , to the former owners of C & TA . Under the terms of the agreement governing the sale , Tejas sold the stock of the subsidiary to its former owners in exchange for 3,157,895 shares of Tejas common stock which was the Tejas stock portion of the consideration paid by Tejas for the subsidiary in 2005 . Jared E . Abbruzzese Sr. , who joined the Tejas board as part of the 2005 transaction has resigned from the Board of Directors of Tejas and Wayne Barr , who also joined Tejas in 2005 , has resigned his positions with Tejas . John Gorman , Chairman of the Board of Tejas , commented " When we acquired Capital & Technology Advisors , Inc . in July 2005 we contemplated creating opportunistic synergies that would assist us to grow our franchise . Since the acquisition , we experienced an industry wide decrease in telecommunication restructurings and a related reduction in C & TA 's customer engagements and fees . After thorough analysis , we believe it is in the best interest of our company and our shareholders to focus more strongly on our core competencies in the investment banking , brokerage and trading , and research areas " . Tejas Incorporated Tejas Incorporated is a holding company whose only operating subsidiary is Tejas Securities Group , Inc . , a Texas corporation ( " Tejas Securities " ) . Tejas Securities is a full service brokerage and investment banking firm that focuses on the following : ( i ) proprietary research on distressed debt and special situation securities , ( ii ) trading and other brokerage services to value - based institutional and retail investors active in fixed income and equity instruments , and ( iii ) corporate finance and strategic advisory services to middle - market companies within our target industries . To learn more about Tejas Securities , please visit the Company 's web site at www.tejassec.com . Safe Harbor Statement This press release may contain forward looking statements . Undue reliance should not be placed on the forward - looking statements , which speak only as of the date of this news release . Important factors that could cause actual results to differ materially from such forward - looking statements are described in the Company 's most recent Forms 10 - K and 10 - Q , and the Company 's other SEC filings . The Company does not undertake any obligation to publicly update any forward - looking statements . Contact : Craig Biddle cbiddle@tejassec.com 512 - 306 - 5281
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