Jovian to take control of Pescara Partners

Date: Thursday, April 1, 2004

Jovian Capital Corporation has announced it has inked a deal to acquire 50% of the issued and outstanding shares of fund of funds manager Pescara Partners Inc. Through a 50% stake in RJS Global Investments, Jovian will effectively control 75% of Pescara stock.

"We have been very pleased with our affiliation with Pescara to date, and as hedge funds have become more and more popular with investors, we felt that this was a good opportunity to increase our stake in Pescara," said Jovian president and CEO Philip Armstrong.

The cash-and-stock deal is expected to close on or about July 30, 2004, subject to regulatory approval.