Detwiler, Mitchell & Co. Announces Receipt of Formal Cash Merger Offer BOSTON, Nov. 3 /PRNewswire-FirstCall/ -- Detwiler, Mitchell & Co. (OTC:DMCD) announced today that the Company has received an all cash offer for all shares not already owned by the acquisition group of executive management of DMC and key personnel of its wholly-owned subsidiary, Detwiler, Mitchell, Fenton & Graves, Inc. DMFG Acquisition Corp., a new entity formed by the acquisition group utilizing its ownership of over 65% of the common stock of DMC, made the offer. A copy of the offer letter has been filed with the Pink Sheets Quotation Service. The Board of Directors has formed a Special Committee composed of the independent outside directors to study the offer. The Special Committee plans to engage an investment banking firm to assist it. The Special Committee will either accept the offer, present a counter offer or reject the offer. The acquiring group has stated it has no interest in selling its shares. If the merger occurs, DMC will be entirely owned by DMC employees and its officers. Detwiler, Mitchell & Co. ("DMC") is the holding company for its three principal operating subsidiaries: Detwiler, Mitchell, Fenton & Graves, Inc., a channel research, institutional sales and private client group broker/dealer headquartered in Boston, MA; James Mitchell & Co., a financial services company headquartered in San Diego, CA and Detwiler, Mitchell & Co. (UK) Limited, an institutional sales firm headquartered in London, England. For more information on DMC, please go to our website at http://www.dmcos.com/. Cautionary Statement Regarding Forward-Looking Statements: Certain statements in this news release may contain forward-looking statements within the meaning of the Federal securities laws. Such statements should be considered in light of the risks and uncertainties associated with Detwiler, Mitchell & Co. and its operating subsidiaries, including those economic and market risks contained in the Company's Annual and Quarterly Reports and other risks prevailing from time to time; all of which are subject to material changes and may cause actual results to vary materially from what had been anticipated. DATASOURCE: Detwiler, Mitchell & Co. CONTACT: James K. Mitchell, Chairman and CEO, +1-617-747-0180, or James H. Graves, Chief Operating Officer, +1-617-451-0100, both of Detwiler, Mitchell & Co.

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