PORTLAND, Ore., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Paulson Capital Corp. (Nasdaq:PLCC) (the "Company") today announced the appointment of Alan P. Timmins to its Board and Audit Committee. Mr. Timmins was appointed to fill the vacancy created by the concurrent resignation of Dr. Dennis Burger who left the Board to pursue another directorship in the biotech industry. Dr. Burger will remain an as advisor to the Company. Mr. Timmins' appointment ensures that the Board will continue to have a majority of independent directors, and his appointment to the Audit Committee ensures that the Committee will continue to have three independent members, as required by SEC and NASDAQ rules.
Mr. Trent Davis, CEO, stated, "We are pleased to have Mr. Timmins join the Board. Alan brings a wealth of accounting and executive leadership experience to the Company." Alan P. Timmins has served as vice president for financial affairs at the University of Portland since 2011. He is the former president and chief operating officer of AVI BioPharma, Inc., now known as Sarepta Therapeutics, Inc. ("AVI"). Mr. Timmins began working for AVI, a pioneering medical research company, in 1992 and was the company's first chief financial officer and executive vice president before serving as president and chief operating officer from 2000 to 2008. Before his career with AVI, he worked as an auditor with Price Waterhouse, now known as PricewaterhouseCoopers. He earned an MBA from Stanford University, and holds an undergraduate degree from the University of Portland. In 2009, he was named one of the "Significant 75" alumni of the University of Portland's Pamplin School of Business Administration. Mr. Timmins is a Certified Public Accountant (inactive). Mr. Timmins has been active in the Portland community, serving on the boards of directors for St. Mary's Academy and Yamhill Valley Vineyards.
About Paulson Capital Corp.
Paulson Capital Corp. is the parent company of Paulson Investment Company, Inc. Headquartered in Portland, Oregon, Paulson Investment Company, Inc. (member FINRA/SIPC) has been a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chester "Chet" Paulson in 1970, it has managed or underwritten over 150 securities offerings and has generated more than $1.2 billion for client companies. The company's web site is available at www.paulsoninvestment.com.
This release may contain "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results of achievements may be materially different from those expressed or implied. Paulson's plans and objectives are based on judgments with respect to future conditions in the securities markets as well as general assumptions regarding the economy and competitive environment in the securities industry, which can be volatile and out of our control. In particular, we make assumptions about our ability to complete corporate transactions, which are difficult or impossible to predict accurately and often beyond the control of Paulson. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.