"We are very pleased to have Mead Park as a strategic partner in IFMI, and believe that this transaction is indicative of the value of our business as well as improving market conditions," said Mr. Cohen. "IFMI's Board of Directors is unanimously supportive of the transaction and believes the resulting increased capital position will help bolster our operations and enable the Company to generate increased returns for its stockholders. I am also delighted to re-invest in IFMI, remaining the Company's largest investor, as we continue to strengthen our capital markets platform."
Upon the closing of the transaction, Mr. DiMaio and Mr. Ricciardi will join the Company's Board of Directors. Mr. DiMaio will be named Chairman, and Mr. Cohen will be named Vice Chairman of the Board. In addition, IFMI's Board of Directors will be reduced from ten to eight members. Current board members who will be included in IFMI's proxy statement for its 2013 Annual Stockholder Meeting for election as directors are Mr. Cohen, Thomas P. Costello, G. Steven Dawson, Joseph M. Donovan, Charles John Haraburda, and Neil Subin. After many years of distinguished service, four current board members will not be included in IFMI's proxy statement for re-election at the 2013 Annual Stockholder Meeting: Walter T. Beach, Rodney Bennett, Lance Ullom, and Charles W. Wolcott.
Mr. Cohen continued, "We would also like to welcome Jack DiMaio and Chris Ricciardi to our Board of Directors. We believe their combined capital markets experience and relationships will enhance the capabilities of our board and management team. We look forward to their contributions as we continue to assess our challenges and opportunities and structure the Company for long-term success. Further, on behalf of everyone at IFMI, we thank those board members who will not be standing for re-election in 2013 for their commitment and contributions to the Company over their many years of service."