WEST PALM BEACH, FL (HEDGECO.NET) – Green Drake Capital Corp., an NASD registered broker-dealer located in New York City, today announced the formation of Aspenwood Capital, an investment banking division based in Golden, Colo. that will raise capital for small-cap public issuers and select private companies interested in going public through a reverse merger.
The three principals of Aspenwood – Steve J. Ossello, H. Reed Madison and Christopher S. Wrolstad – each have more than 20 years of experience in investment banking and entrepreneurial finance. During their careers, they have raised capital for public and private companies using a variety of financing structures. Most recently, the principals were with Keating Investments, LLC of Denver, which specializes in reverse mergers and private placements.
Aspenwood was created to serve the investment banking needs of emerging growth companies in a variety of sectors, including healthcare, technology, biotechnology, consumer products and business services. Aspenwood often employs PIPEs (private investment in public equities) and convertible securities to raise capital for its investment banking clients.
“We believe emerging growth companies are an underserved market with unique investment banking needs,” Ossello said. “What differentiates us from the competition is the relationships we have with strategic institutional and high-net-worth investors accustomed to investing in smaller companies. In addition to providing early stage capital, these investors also offer strategic and advisory assistance to the companies in which they invest.”
Joining Green Drake gives Aspenwood access to an even broader capital base, including more than 200 institutional and high-net-worth investors who are members of the Restricted Securities Trading Network (www.RestrictedSecurities.net). The network, which was created by Restricted Stock Partners (RSP), also a division of Green Drake, is the first network to bring together buyers and sellers of restricted securities. Members of the network manage in excess of $75 billion of liquid assets.
In addition, since private placements and reverse mergers result in the creation of restricted securities, Aspenwood is a perfect match for Restricted Stock Partners, according to RSP Chief Executive Officer Barry E. Silbert.
Ossello said he and his partners were attracted to Green Drake because of the synergy between Aspenwood and RSP, as well as the management experience and innovative approach taken by the company’s principals.
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