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EPB Denies Plans to Sell Stock

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BETHESDA, MD. - Earle Palmer Brown says that while it is looking for a cash infusion, the private company will not sell its closely held stock to outside investors. EPB president Mark Goldstein declined to explain why the agency is seeking a loan, saying only that EPB may gain tax advantages and better lending rates with new loans. Sources have told ADWEEK that EPB is seeking $2-2.5 million from investors. In addition, Goldstein said that chairman and ceo Jeb Brown's sale of his interest in San Diego's Franklin & Associates and in Chicago's McConnaughy Stein Schmidt Brown was not related to EPB in any way. 'Jeb owned a third of a Chicago agency, and new management came in and bought Jeb's share,' said Goldstein. 'The Chicago deal was strictly a personal transaction.'
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