LUXEMBOURG--(BUSINESS WIRE)--Tally-Ho Ventures, Inc., (OTCBB: TLYH), an international wealth
management firm, today announced that it has successfully renegotiated
the repayment of $3 million USD in debt under the Promissory Note with
Protrust Financial Service Group SA in respect of its purchase Protrust
Private Clients SA, which it acquired on August 4, 2006.
Under the new terms, Tally-Ho has agreed to repay the $3 million USD
Promissory Note with minimum quarterly payments of $350,000 USD to
Protrust until the indebtedness has been eliminated.
“We are extremely pleased that Tally-Ho was
able to arrange a repayment structure for the Promissory Note”
stated Nigel Gregg, Tally-Ho President and Chief Executive Officer. “Extending
the payments in this manner actually results in more favorable terms for
Tally-Ho, because it gives the Company greater flexibility in managing
its assets and allows for the payments to be made out of working capital
over time rather than in one lump sum.”
Under the original terms of the Protrust purchase, Tally-Ho paid
Protrust $2 million USD in cash, issued Protrust 1.5 million shares of
common stock called Consideration Shares (valued at $3 million USD), and
issued Protrust a Promissory Note in the amount of $3 million USD,
resulting in a total purchase price of $8 million USD at the time of
closing.
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 around 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
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.
