Attached files
| file | filename |
|---|---|
| 8-K - Titanium Asset Management Corp | v206903_8k.htm |
| EX-2.1 - Titanium Asset Management Corp | v206903_ex2-1.htm |
Exhibit
99.1
Titanium
Asset Management Corp.
Amends
Boyd Watterson Membership Interest Purchase Agreement
Milwaukee,
WI, December 29, 2010 – On December 28, 2010, Titanium Asset Management Corp.
(AIM – TAM) executed an amendment to the membership interest purchase agreement
pursuant to which it acquired 100% of the membership interests of Boyd Watterson
Asset Management LLC (BWAM). The purchase agreement provided for a
deferred payment to the sellers of up to $8,000,000, if BWAM achieves certain
revenue run rates. As previously reported, BWAM has significantly
exceeded the revenue run rate required to entitle the sellers to the highest
possible deferred payment of $8,000,0000. The amendment to the
purchase agreement accelerates the measurement date for the deferred payment
under the purchase agreement to November 30, 2010 and provides that the deferred
payment will be made all in cash, with half payable prior to December 31, 2010
and the other half payable on January 3, 2011 (the purchase agreement continues
to provide for the delivery of 192,000 shares of common stock, which will be
issued to the sellers on January 3, 2011).
Application
will be made for the 192,000 new shares of common stock to be admitted to
trading on AIM and admission is expected to occur on January 5,
2011.
Concurrent
with the execution of the amendment to the purchase agreement, Titanium also
amended the employment contracts of three BWAM executives, including Brian
Gevry, Titanium’s Chief Investment Officer and Chief Operating Officer,
extending the employment terms through December 31, 2012.
For
further information please contact:
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Titanium
Asset Management Corp.
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Robert
Brooks, CEO
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+1
312-335-8300
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Seymour
Pierce Ltd
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Jonathan
Wright
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+44
20 7107 8000
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