NEW YORK--(BUSINESS WIRE)--Dec. 5, 2005--Tally-Ho Ventures, Inc. (OTC Bulletin Board: TLYH) announced last week that it had 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 individuals. The acquisition complements TLYH's previous acquisitions of wealth management groups, Belgravia-Intervest and Master Finance Europe.
Peter Smith, CEO of Tally-Ho stated that "this acquisition is an enormous development for us. PTPC brings with them not only a platinum Swiss Banking reputation, but a significant $1.4 billion of client assets to our company. We are paying approximately $8 million, or 3 times PTPC's most recent net earnings to do so".
Smith also added that "this acquisition will accomplish growth, virtually overnight, that would have taken years for us to build if we relied solely on internal growth. This agreement will truly leverage the considerable strengths of both companies - Tally-Ho as financial advisor to roughly 20,000 clients and Protrust as trusted Swiss banker for high net worth customers."
Smith concluded by noting that "Tally-Ho, year-to-date, did $20 million in pro forma revenues and earned pro forma $4 million. The addition of PTPC would give Tally-Ho a consolidated pro forma net income of approximately $6.5 million. Not only is this acquisition of benefit to our respective clients with regard to our being able to deliver expanded services, but our shareholders should see substantial value added to their investment."
Alex Bell, CEO of Protrust Financial Services Group the parent company of Protrust Private Clients (PTPC) commented that "the sale of PTPC to Tally Ho Inc. is a very logical deal that makes sense to both parties at this time. The incorporation of this very successful Trust business will benefit Tally-Ho by providing a high quality fiduciary and client management function in Switzerland to Tally-Ho's fast growing financial advisory base. Equally PTPC will benefit from having a much wider distribution base for its services which will allow PTPC to grow and continue its development in a very dynamic way to the benefit of it's current and future client base."
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 authorized 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.
