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BluMont Capital Reports Results for Fiscal 2005

Date: Wednesday, December 28, 2005

TORONTO--(BUSINESS WIRE)--Dec. 28, 2005--BluMont Capital Inc. (TSX VENTURE:BCC - News) today announced audited financial results for the fiscal year ended September 30, 2005.
           Review of the 12-Month Period Ended September 30, 2005

                                            2005                2004
                               (thousands except   (thousands except
HIGHLIGHTS                     per share amounts)  per share amounts)
Assets Under Management ("AUM")         $784,300            $552,400
Total Revenues                           $14,692             $11,569
Total Performance Fees Included
 in Total Revenues                        $6,257              $4,367
Operating Income (i)                        $162                $408
Net Income (Loss)                          $(162)               $409
Earnings Per Share                         $0.00               $0.01

(i) Operating Income is a non-GAAP (generally accepted accounting principle) earnings measure, however, the Corporation believes that its shareholders, creditors, other stakeholders and analysts may want to analyze BluMont's results based on this performance measure.

BluMont experienced AUM growth of 42% adding approximately $230 million of new assets. The growth in AUM in fiscal 2005 is due to an increase in net sales and asset appreciation of approximately $112 million in the BluMont Hirsch Performance Fund and approximately $114 million in BluMont Man products.

Total revenues increased 27% from $11.6 million in fiscal 2004 to $14.7 million in fiscal 2005 predominantly as a result of increased performance fees realized during the year. Growth occurred in all areas of revenue; 16% in the predictable revenues of management fees, investment counselling and redemption fees and 43% growth in BluMont's less predictable revenues (performance fees).

Operating income decreased from $0.4 million in the prior year to $0.2 million in fiscal 2005 and net income decreased from $0.4 million to a net loss $0.2 million.

For detailed financial statements for the year, including Management's Discussion and Analysis, please refer to BluMont's website at www.blumontcapital.com/main/financial_statements.htm or SEDAR at www.sedar.com after January 9, 2006.

This press release may contain forward-looking statements with respect to BluMont and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in any such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.

About BluMont Capital

BluMont Capital is a leading provider of alternative investment products to Canadian investors. Specializing in hedge funds, the firm offers investors innovative investment solutions that provide enhanced diversification and robust return potential. BluMont employs 43 people nationwide and has approximately C$770 million in assets under management. BluMont is 46.1% directly owned by Toronto-based Integrated Asset Management Corp. (TSX VENTURE:IAM - News), a leading alternative asset manager with approximately C$3 billion in assets under management and commitments. Further information on BluMont Capital can be found at www.blumontcapital.com.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

BluMont Capital Inc. (TSX VENTURE:BCC - News)

BluMont Capital
Toreigh N. Stuart
Chief Executive Officer
(416) 216-3566