Message #8 From:
NewsBot Date: September 7, 2006 10:42:00 AM
TLYH News Tally-Ho Ventures to Acquire Swiss Financial Services Firm; Deal Would Bring Assets Under Management to $2.25 Billion
NEW YORK--(BUSINESS WIRE)--Sept. 7, 2006--Tally-Ho Ventures, Inc., (NASDAQ: TLYH.OB), an international wealth management company, has signed a letter of intent to acquire Primus Produkt & Vertriebs Management SA (PMS), a Swiss financial services firm with approximately $500 million USD in assets under management, for a maximum $2 million USD, subject to regulatory approval and final conditions of sale.
Under the terms of the deal, PMS will become a wholly owned subsidiary of Tally-Ho Ventures, with certain members of its management team remaining under long-term contract. The acquisition would increase Tally-Ho's assets under management to $2.25 billion USD.
"We were attracted to Primus because of its solid background, excellent management and niche product base," stated Nigel Gregg, Chief Executive Officer of Tally-Ho. "The deal represents excellent value for us, because we will be paying a maximum of $2 million USD in cash and stock, or twice PMS's most recent net earnings, in order to add a half billion dollars in assets under management. This is consistent with our growth strategy, which is to acquire the highest quality, specialized wealth management firms in a vigorous yet disciplined manner, thus adding to our existing portfolio of products and services and unifying them under a single brand. It also complements the significant organic growth that the Company has achieved with earnings and cash flow ahead of expectations, and provides us with an excellent opportunity to build on those accomplishments."
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. With approximately $1.75 billion USD in assets under management, the Company currently has 13 offices and is fully authorized to operate in 23 countries.
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.
