RYE BROOK, N.Y., Sept. 21, 2001 (PRIMEZONE) -- Hoenig Group Inc., (Nasdaq:HOEN) announced today that its Board of Directors has authorized the management of the Company to repurchase up to an additional five hundred thousand (500,000) shares of the Company's common stock from time to time in open-market and privately negotiated transactions subject to the availability of shares for repurchase at prices that the Company considers to be attractive. This repurchase program is in addition to the November 1999 stock repurchase program, under which the Company is authorized to purchase 46,000 shares.
The Company stated that it intends to fund the repurchases from internally generated funds, and that it does not expect the repurchases to have an adverse effect on the availability of capital needed to fund the Company's current and future cash needs.
For over thirty years, Hoenig Group Inc. has provided high quality trade execution, independent research and premier client service to professional money managers and alternative investment funds throughout the world. Hoenig Group Inc. operates through its brokerage subsidiaries in the United States, United Kingdom and Hong Kong. Hoenig Group Inc.'s U.S. asset management subsidiary, Axe-Houghton Associates, Inc., provides investment management services to public and corporate employee benefit plans, investment partnerships and other institutional clients.