Exhibit 99.1
                                      NEWS

FOR IMMEDIATE RELEASE
                                           Contact: Paul Caminiti/Carrie Bloom
                                                    Citigate Sard Verbinnen
                                                    212/687-8080

           LADENBURG THALMANN AGREEMENT TO ACQUIRE GRUNTAL TERMINATED

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         NEW YORK, NY, April 22, 2002 -- Ladenburg Thalmann Financial Services
Inc. (AMEX: LTS) today announced the termination of the letter of intent under
which Ladenburg Thalmann was to acquire Gruntal Financial, L.L.C. and its broker
dealer affiliates, Gruntal & Co., L.L.C. and The GMS Group, L.L.C. The parties
were unable to reach agreement on definitive terms for the transaction.

         Ladenburg Thalmann Financial Services operates through its two wholly
owned subsidiaries, Ladenburg Thalmann & Co. Inc. and Ladenburg Capital
Management Inc., formerly known as GBI Capital Partners. Founded in 1876 and a
NYSE member since 1879, Ladenburg is a full service investment banking and
brokerage firm based in New York City, with regional offices in Los Angeles,
Boca Raton, Great Neck, Cleveland and Las Vegas. The Research division's
strategic focus is on the Biotechnology, Communication Technology, Enterprise
Software & Services, Energy, Medical Technology, Restaurants, Retailing/Special
Situations, Satellite, and Technology (Computer Peripherals) sectors.
Ladenburg's corporate finance department specializes in middle market companies
and emerging growth businesses. The firm's retail brokerage division, Private
Client Services, leverages the firm's research and asset management
capabilities.

         Ladenburg Capital Management is a full-service securities and trading
firm providing personalized investment recommendations and service to individual
and institutional investors. Ladenburg Capital Management is headquartered in
Bethpage, NY and operates offices in New York City, Fort Lauderdale and San
Francisco.
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