DUBLIN, OH -- (Marketwire) -- 11/23/09 -- National Investment Managers (OTCBB: NIVM), a nationally-based and regionally-operated retirement plan administration and investment management company, with approximately 11,000 qualified retirement plans and approximately $11 billion of assets under administration, announced today that Steven Virany has accepted an appointment to its Board of Directors.
Mr. Virany's career spans over 25 years of principal, advisory, and mergers and acquisition experience in the financial services industry. From 1983 to 2008, Mr. Virany spent over 20 years at Lehman Brothers in New York where he was a Managing Director in the Fixed Income Division. His experience focused on a broad range of financial product areas including insurance, commercial and residential real estate, and specialty finance. From 1996 to 1998, Mr. Virany was a principal in Boston Capital Mortgage Corporation, a commercial real estate finance company. Currently, Mr Virany is engaged in raising capital for new specialty finance entities. Mr. Virany received his MBA from Columbia University and graduated with a B.S. in Economics from the Wharton School of the University of Pennsylvania.
Steve Ross, Chief Executive Officer of NIVM, said that, "We are fortunate to attract someone with Steve's breadth and depth of experience in the capital markets, and we believe that his expertise will be invaluable as we plan for the long term growth and success of our business. Steve's acceptance of this position reflects his belief in our business model, and the Company and our shareholders will gain considerably from his insights and support."
Steve Virany added that, "I have been intrigued by NIVM since I was first introduced to the business several years ago. I have followed the company as it has executed its business plan and grown over the past few years, and I am convinced it is well positioned in the retirement services sector. I welcome the opportunity to help the business prepare for continued growth and success, and to create value for its shareholders."
About National Investment Managers, Inc.
National Investment Managers, Inc. is a holding company and a consolidator of pension plan administration, investment management and insurance businesses. Its strategy includes a custom-tailored acquisition formula for each acquired business, which allows local and regional entities to retain their autonomy while benefiting from the reach that a national presence offers. In addition, the Company's approach offers entrepreneurs in these businesses an exit strategy suited to their specific needs. National Investment Managers targets businesses with stable cash flows and high operating margins to ensure successful integration of operations once a sale is concluded. Acquired companies continue to operate under their own brands, usually with minimal staff turnover to ensure that relationships of many years' standing are not disrupted. At the same time, these formerly small businesses can cross-sell related financial services under the National Investment Managers umbrella and enjoy administrative and other support from around the country.
The member firms of National Investment Managers provide pension administration services, retirement planning, defined benefit services, asset preservation, general insurance and asset management services. Wholly-owned subsidiaries of National Investment Managers are based in Anchorage, AK; Laguna Hills, CA; Marina Del Rey, CA; Greenwood Village, CO; Southington, CT; Lake Mary, FL; Pikesville, MD; North Attleboro, MA; Haddonfield, NJ; New York City, NY; Yorktown Heights, NY; Beaverton, OR; Harrisburg, PA; Horsham, PA; Wayne, PA; Warwick, RI; Houston, TX; and Seattle, WA. NIVM's corporate headquarters are located in Dublin, OH.
Note: This press release contains statements that are considered forward-looking under the Private Securities Litigation Reform Act of 1995, including statements about the Company's future prospects. They are based on the Company's current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether the Company is able to raise capital, identify and complete acquisitions, integrate the acquired businesses, improve upon the operations of the acquired business units and generate cash and profits. Further information about these and other relevant risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
NATIONAL INVESTMENT MANAGERS INCORPORATED
Steven J. Ross