Message #2 From:
NewsBot Date: November 29, 2005 07:41:20 PM
TLYH Tally-Ho Ventures DD, Quotes, Message Board
Tally-Ho Ventures Executes LOI to Acquire Protrust Private Clients S.A.
Tally-Ho Ventures Inc., (OTCBB: TLYH), an international wealth management firm, announced today it has entered into an agreement to acquire Protrust Private Clients S.A. ("PTPC") for a maximum total consideration of $8 million. PTPC manages a total of $1.4 billion of investment assets for high net worth investors.
Peter Smith, Chief Executive Officer of Tally-Ho Ventures stated, "The core of our business plan is a continual pursuit of cutting edge and professional vehicles for managing funds for our clients. The prospect of adding Protrust Private Clients to our portfolio of companies is a tremendous step towards that end. Completion of the acquisition would mean our funds under administration would be over $1 billion and our funds under management would be over $1.4 billion." Commenting on the move into Switzerland Peter Smith stated that "Switzerland is still Europe's number one banking center and holds the largest percentage of the world's offshore funds. By acquiring PTPC we would be adding a very professional and experienced group of Swiss bankers and fund specialist to our team.
The acquisition complements TLYH's previous acquisitions of wealth management groups, Belgravia-Intervest and Master Finance Europe.
Under the terms of the letter of intent, the operations of PTPC are expected to become an operating subsidiary of Tally-Ho Ventures, with key members of the PTPC management team entering into long-term employment contracts. Completion of the transaction is subject to final negotiation of a share purchase agreement, completion of due diligence and satisfaction of customary conditions to closing.
ABOUT TALLEY-HO VENTURES Inc.
Tally-Ho Ventures is an independent private wealth management organization focused on serving the needs of expatriates, small institutions and high net-worth individuals. The company currently has 13 offices and is fully authorized to operate in 23 countries.
ABOUT PROTRUST PRIVATE CLIENTS SA
Originally established in 1992, the company transformed itself into an authorised Fiduciary (Trust) Company in August 1996 as Protrust Switzerland SA, the name changed to Protrust Private Clients SA in February 2001, as part of a group re-branding exercise. PTPC provides discretionary management services for the assets of high net worth individuals, corporation and Trusts emanating from many jurisdictions including Italy, Switzerland and the Far East.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, the independent authority of the special committee to act on the matters discussed, the successful negotiation of the potential acquisition and disposal of transactions described above, successful implementation of the company's business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings with the Securities and Exchange Commission
Tally-Ho Ventures, Inc.
Peter Smith
info@belgravia-intervest.com
www.belgravia-intervest.com
or
Protrust Private Clients SA
Alex Bell
alexbell@protrust.net
or
Public Relations:
American Capital Ventures, Inc.
Howard Gostfrand, 305-918-7000
Fax: 305-466-1747
www.amcapventures.com
