TMNG Global Announces Sale by Significant Stockholder in Private Transaction
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OVERLAND PARK, Kan., July 2 -- TMNG Global (NASDAQ:TMNG), a leading provider of management consulting services to the global communications, media and entertainment industries, today announced that Behrman Capital has completed a privately negotiated transaction under which a group of investment firms acquired Behrman Capital's 34.9% interest in TMNG Global. TMNG was notified of the transaction by Grant G. Behrman, an independent director of TMNG and a principal of Behrman Capital.
The group of investing firms is primarily made up of current holders of TMNG common stock. TMNG is not a party to and did not receive any proceeds from the sale of shares by Behrman Capital.
With the completion of the transaction, Grant G. Behrman and William M. Matthes have stepped down from TMNG Global's Board of Directors. TMNG's Board of Directors will begin a search for independent directors to fill the vacancies left by the resignations of Messrs. Behrman and Matthes.
Richard P. Nespola, Chairman and Chief Executive Officer of TMNG Global, commented, "This transaction represents an efficient transition of share ownership from our longtime private equity supporter to the institutional investment community, which we believe should ultimately diversify our common stock ownership and provide greater market liquidity in the trading of our shares. On behalf of the Company and the Board of Directors, I would like to express my sincere gratitude for Grant's and Bill's guidance and support as investors and directors of TMNG for the past 10 years."
About TMNG Global
TMNG Global (NASDAQ:TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG Adventis, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Berlin, Boston, Chicago, London, New York, Shanghai and Washington, D. C.
Source: The Management Network Group, Inc.
CONTACT: Janet Hall of The Management Network Group, Inc.,
+1-800-876-5329, Janet.Hall@tmng.com
Web site: http://www.tmng.com/
