Message #7 From:
NewsBot Date: August 23, 2006 05:00:00 AM
TLYH News Tally-Ho Ventures Expects Significant Revenue and Profit Gains Resulting from Recent Acquisition of Wealth Management Firm; Changes Fiscal Year to March 31
NEW YORK--(BUSINESS WIRE)--Aug. 23, 2006--Tally-Ho Ventures, Inc., (OTCBB: TLYH) President and Chief Executive Officer Nigel Gregg said at a meeting with analysts today that the Company expects revenues to increase to $15 million from $5.5 million and net income to increase to between $4.0 million and $4.5 million, or between $0.25 to $0.30 per share, for the fiscal year ending March 31, 2007, from $0.80 million, or $0.10 per share, as a result of the recently completed acquisition of Switzerland-based Protrust Private Clients S.A.
For the six months ended June 30, 2006, Tally-Ho had revenues of $3.7 million and a net profit of $753,771, or $0.07 per share. Tally-Ho's Board of Directors has approved a change in the Company's fiscal year end from December 31, 2006 to March 31, 2007.
"Tally-Ho is delivering strong financial results, with earnings and cash flow ahead of expectations," Mr. Gregg stated. "In addition, we are continuing to seek additional acquisitions that would contribute to a further acceleration of revenues and profits, and we are engaged in discussions with several proven European distributors for the Company's financial services products."
Tally-Ho announced on August 4 the completion of the acquisition of Protrust Private Clients, which manages more than $1 billion in assets for international investors, for $8 million in cash and stock. In February 2006, Tally-Ho acquired another wealth management firm, Luxembourg-based Master Finance Europe and Master Finance Belgium. As a result of the acquisitions, Tally-Ho currently has more than $1.75 billion in assets under management.
"Our goal is to become the leading European financial services group through strategic acquisitions and by combining our in-house resources to create economies of scale in our business operations," Mr. Gregg stated. "By practicing individualized attention to client needs that the larger wealth managers are unwilling or unable to offer, we are working to attract new institutional and high net worth investors to expand our already established client base."
As previously announced, Tally-Ho will soon change its name to ProMaster, Inc., to better reflect the Company's identity. It also plans to seek a listing on a broader exchange.
About Tally-Ho Ventures, Inc.
Tally-Ho Ventures is an independent international private wealth management organization focused on serving the needs of small institutions and high net-worth individuals throughout the world.
Forward-Looking Statements
This news 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.
