Article: Walnut Financial Services Inc. Signs Definitive Agreement for Merger with Tower Hill Securities Inc., an Internet Merchant Bank.

VIENNA, Va.--(BUSINESS WIRE)--August 5, 1999--

Walnut Financial Services Inc. (Nasdaq: WNUT), an acquisition-oriented company engaged in the provision of various forms of financing to small and medium sized businesses, and Tower Hill Securities Inc. announced today that they entered into a Definitive Agreement to merge Tower Hill with a subsidiary of Walnut Financial. Tower Hill is a New York-based, privately held NASD-registered broker-dealer that provides a variety of investment banking and corporate development services to Internet, e-commerce, and new media businesses. Under the terms of the Definitive Agreement, Walnut Financial will issue approximately 55% ...

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