NEW YORK, Nov. 21, 2003 (PRIMEZONE) -- Sky Capital LLC, the US broker/dealer subsidiary of Sky Capital Holdings, Ltd., had applied to the NASD to increase the number of securities in which the firm makes a market, to open a branch office in New Jersey, and to increase the number of registered persons employed. These applications were initially denied by the NASD's Department of Member Regulation (the "Department"). Sky Capital LLC appealed the decision to the NASD's National Adjudicatory Counsel (NAC). Following a hearing during which testimony was taken and evidence introduced, the NAC rendered a decision on November 18, 2003 that declined to sustain the Department's denials and pointedlyremanded the matter for reconsideration of the application in light of its findings, with "specific instructions to negotiate with Sky Capital an orderly expansion of the Firm's business".
Tom McMillen, Chairman of Sky Capital Holdings, Ltd., commented,
"We are very pleased with the decision of the National Adjudicatory Council, and look forward to a prompt resolution of this NASD matter. We are eager to proceed with the expansion of our US operations."