BluMont Capital Inc.

BluMont Capital Inc.

February 23, 2007 17:24 ET

BluMont Capital Inc. Reports Results for First Quarter of Fiscal 2007

TORONTO, ONTARIO--(CCNMatthews - Feb. 23, 2007) - BluMont Capital Inc. ("BluMont") (TSX VENTURE:BCC) today announced unaudited financial results for the first quarter of fiscal 2007.

Review of the 3-Month Period Ended

December 31, 2006 December 31, 2005
(thousands except per (thousands except per
HIGHLIGHTS share amounts) share amounts)
Assets Under Management
("AUM") $793,800 $768,300
Total Revenues $6,870 $9,016
Total Performance
Fees Included in
Total Revenues $3,885 $6,709
EBITDA (i) $2,241 $3,084
Income before income
taxes $1,775 $1,752
Net Income $1,226 $1,226
Earnings Per Share $0.04 $0.03

(i) Earnings before interest, taxes, depreciation and amortization
("EBITDA") is a non-GAAP earnings measure used by the Corporation.

BluMont experienced AUM growth of 3% adding approximately $25.5 million of new assets since December 31, 2005.

Total revenues in the three months ended December 31, 2006 were $6.9 million compared to $9.0 million in the quarter ended December 31, 2005 as a result of lower performance fees realized during the quarter. Fund management, investment counseling and redemption fees increased $0.1 million to $2.2 million in the three months ended December 31, 2006 from $2.1 million in the previous year's comparable quarter.

EBITDA was $2.2 million compared to the prior year's quarter EBITDA of $3.1 million as a result of lower performance fees.

Income before income taxes for the three months ended December 31, 2006 remained unchanged at $1.8 million compared to the prior year's first quarter. There was an amortization expense of approximately $1.1 million charged in the quarter ended December 31, 2005 which adversely impacted the results for that quarter.

Net income was $1.2 million or $0.04 per share in the current quarter versus net income of $1.1 million or $0.03 per share in the prior year's quarter.

For detailed financial statements for the quarter, including Management's Discussion and Analysis, please refer to BluMont's website at or SEDAR at after February 25, 2007.

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

BluMont is a leading provider of alternative investment products to Canadian investors. BluMont offers investors innovative investment solutions that provide enhanced diversification and robust return potential. BluMont employs approximately 40 people nationwide and has approximately C$790 million in assets under management. BluMont is 60.6% owned by Toronto-based Integrated Asset Management Corp. (TSX VENTURE:IAM), a leading alternative asset investment management company with approximately C$3 billion in assets and committed capital under management. Further information on BluMont can be found at

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

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