News Release for Fourth Quarter of 2002

 
December 20, 2002 - Timothy W. Tully, Principal of Tully & Holland, Inc., Wellesley Hills, MA reported that his firm was recently retained to perform and has completed financial advisory services assignments for Cornerstone Brands, Inc. of West Chester, OH, a company founded in 1995 with the mission of acquiring leading catalogs in the home, leisure and apparel areas, TravelSmith Outfitters, Inc. of Novato, CA, a direct marketer of functional clothing and accessories for leisure and adventure travelers, and The Whipple Company of Natick, MA, a manufacturer of pie fillings, preserves and toppings, sold principally under the registered trademark "Grandmother's®." During the fourth quarter of 2002, Tully & Holland, Inc. also represented American Nutriceuticals Inc. of Cincinnati, OH, a manufacturer of gourmet frozen puréed food products for use by people suffering with dysphagia and other eating disorders, in its sale to InterNutra LLC of Larchmont, NY, a food processing company with European origins.

In addition, Tully & Holland advised Sundance Catalog Company, Ltd. of Salt Lake City, UT, a leading lifestyle catalog and e-commerce marketer of southwestern-inspired home décor and furnishings, men's and women's apparel and accessories, jewelry, gifts and art, on its recent recapitalization.

Tully & Holland currently has five new sell-side M&A advisory services engagements underway, representing two branded frozen gourmet food companies, a branded new-age beverage company, a collectible specialty toys company, and an award-winning designer, custom manufacturer, and servicer of point-of-purchase displays and store fixtures. Tully & Holland also currently represents one of the founders of Ponderosa Steak House and has arranged provisional equity sponsorship from a local private investment firm with over $2.2 billion under management for him to lead the acquisition of another casual dining restaurant chain.

Tully & Holland, Inc., an investment bank established in 1992, provides M&A advisory, capital raising, and other corporate finance services primarily to retailers, direct marketers, and consumer product manufacturers and distributors, with a special emphasis on catalogers and food companies. Member NASD, SIPC, Direct Marketing Association, National Retail Federation, Association for Corporate Growth, and Massachusetts Food Association.