NEW YORK, April 19, 2011 (GLOBE NEWSWIRE) -- INTL FCStone Inc. ("INTL") (Nasdaq:INTL) today announced that it has agreed with Hudson Capital Energy LLC ("HCEnergy"), a New York-based energy risk-management firm, that INTL's subsidiary, FCStone, LLC will take on HCEnergy's business and customer relationships. The transaction includes the acquisition of HCEnergy's Swiss subsidiary, HCEnergy Europe GmbH, and certain proprietary software.
The transaction, which closed April 15, 2011, enables INTL and its wholly-owned subsidiary, FCStone LLC, to round out its portfolio of energy risk management services to include a more robust capability in crude oil and refined products. HCEnergy is a specialist in exchange cleared options, swaps and futures, and has grown its business to include hedging and trading professionals across the spectrum of global petroleum products.
The principals of HCEnergy, Chris Thorpe and Mark Benigno, will work closely with INTL FCStone's other energy specialists, who provide price risk-management, procurement, execution and clearing services in electricity, natural gas, diesel, gasoline, heating oil, renewable fuels and a wide spectrum of other energy products.
The HCEnergy team also will work closely on the development of OTC trading tools with INTL's wholly owned subsidiary INTL Hanley, LLC, a leading provider of OTC and structured product solutions to the agricultural, metals and energy industries.
"We are extremely pleased to be able to take advantage of Chris and Mark's extensive expertise, their close connections with the NYMEX and ICE exchanges, and their knowledge of the exchanges' electronic platforms," Pete Anderson, President of INTL FCStone commented. "Along with their colleagues at HCEnergy, they will substantially enhance our energy product offering and our ability to offer our customers a comprehensive array of OTC and exchange-traded products."
Chris Thorpe, Managing Partner of HCEnergy, commented, "Our team is extremely pleased to be joining an organization of INTL FCStone's caliber. Combining our strength in the structuring of exchange-cleared products with INTL FCStone's global commodities businesses provides a terrific platform for growth. Adding to the existing expertise in OTC and structured products, we believe that INTL FCStone's energy hedging programs and services will be world class."
About INTL FCStone Inc.
INTL FCStone Inc. provides execution and advisory services in commodities, currencies and international securities. INTL FCStone's businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 10,000 commercial customers in more than 100 countries through a network of offices in eleven countries around the world. Further information on INTL FCStone Inc. is available at .
Forward Looking Statements
This press release includes forward-looking statements including statements regarding the combined company. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to INTL FCStone Inc., are intended to identify forward-looking statements.
These forward-looking statements are based largely on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the combined company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by INTL FCStone Inc. with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. INTL FCStone Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
CONTACT: INTL FCStone Inc. Bill Dunaway 866-522-7188