White Plains, N.Y. (July 23, 2002) -- Tax preparation and financial planning firm Gilman & Ciocia announced Monday that it's seeking up to $2.5 million in private funds from a private equity investment firm.

The public company said the deal would include board representation and would initiate a search for a non-executive chairman for the board of directors.

"The proposed financing for Gilman & Ciocia follows extensive discussions over the past several months. We believe this proposed investment validates the value of the GTAX business model," said GTAX chief executive Tom Povinelli.

Povinelli added that consummation of the proposed financing was subject to the approval of the board of directors and final due diligence.

Gilman + Ciocia now has over 350,000 clients, predominantly in the middle and upper income brackets, and 120 offices in 16 states.

-- Electronic Accountant Newswire staff

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