Paul Slater Joins Griffin Holdings Group as Managing Director

READING, PA and NAPLES, FL,  July 27, 2006 – Griffin Holdings Group announced today that maritime finance veteran Paul Slater has joined as Managing Director.

With over 35 years of high profile experience in maritime finance, Mr. Slater is internationally recognized as an authority on project finance, maritime economics and marine safety.

"Paul's skill and experience in the maritime industry are unsurpassed," said Samuel A. McCullough, President and CEO of Griffin Holdings. "His knowledge of shipping will help Griffin assist the maritime industry."
"We also expect that his close relationships in southwest Florida and throughout the United States  with owners of privately held businesses in other sectors will help us to expand our geographic reach and strengthen our platform, " said Mr. McCullough.

In addition to his work with Griffin, Mr. Slater will remain as Chairman and CEO of First International Corporation, a global financial advisor to the maritime and energy industries.

Mr. Slater's impressive background includes stints as Senior Principal for Qorval, a corporate restructuring, renewal, turnaround, and crisis and interim management organization, and as CEO and organizer of the first maritime merchant bank, Oceanic Finance Corporation, based in Bermuda.

He also served as Chairman and CEO of 1990s industry-leader First International Shipping Corp., where he spearheaded shipping projects with the former East German government, a Chinese state shipping company, a German steel group, a Spanish oil company and oil major Shell, among others, raising over $3 Billion in debt and equity.

Mr. Slater is the current Chair of the Maritime Industry Foundation and a member of numerous maritime associations. He received his education from the Institute of Chartered Accountants in England and Wales, where he is an Associate and a Fellow.

ABOUT GRIFFIN HOLDINGS GROUP LLC
Griffin Holdings Group LLC is the parent company of Griffin Financial Group LLC, an investment bank which provides merger and acquisition advisory services, including structuring and financing transactions, research and analysis relating to transactions and strategic consulting services. Griffin also assists businesses in obtaining financing through private placements of debt and equity, including those businesses facing special situations, such as financial restructuring and turnarounds.