Elliott Davis Sells International Affiliate

Greenville, S.C. (July 26, 2004) -- Elliott Davis LLC has sold its interest in Rödl Elliott Dendorfer LLC, a specialty accounting and consulting firm serving international companies establishing operations in the United States, to Atlanta-based Rödl Langford deKock, Elliott Davis' joint venture partner.

Elliott Davis chairman Todd Mitchell said that the sale of the firm's stake in the five-year-old venture was spurred by the growth and demands of the expanding organization.

"Our joint venture’s expansion into the Charlotte market two years ago and the personnel and capital demands required to continue to service that rapidly growing market ... presented us with a dilemma,” Mitchell continued. “We had to transfer key staffers and invest significantly there, or divest ourselves of the venture and focus on our firm's core client base, markets and geographies. Coupled with Rödl Langford deKock’s desire to emphasize its German in-bound practice in this region, and after significant consideration, we have opted to sell our interest to Rödl Langford deKock."

The ownership transition takes effect immediately. Terms of the sale were not disclosed. Rödl Elliott Dendorfer LLC and its 10-person staff will remain in the Elliott Davis building in Greenville.

Mitchell said that the firms will continue to refer business to each other.

Elliott Davis ranked 57th on Accounting Today's 2004 Top 100 Firms list with fiscal 2003 revenue of $29.13 million.

-- WebCPA staff