White Plains, N.Y. (Aug. 15, 2002) -- A dissident shareholder group and current management at tax prep and financial services firm Gilman & Ciocia Inc. have sidestepped a proxy battle for control of the company by agreeing to a buyout pact.

Under the agreement, G&C chief executive Tom Povinelli and chief financial officer David Puyear will leave the company and were given a option to buy an aggregate $25 million of tax and financial services revenue generated by about 70 locations of G&C for $7 million, plus an agreement to assume $2 million in debt.

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