Integrated Asset Management Corp.

Integrated Asset Management Corp.

August 12, 2005 12:37 ET

Integrated Asset Management Corp. and Integrated Partners Announce Acquisition of Cadet Cleaners by DoveCorp.

TORONTO, ONTARIO--(CCNMatthews - Aug. 12, 2005) - Integrated Asset Management Corp. (TSX VENTURE:IAM) and its private equity arm, Integrated Partners announced today that DoveCorp Enterprises Inc. (TSX VENTURE:DOV) has completed its share acquisition of Cadet Cleaners, an award-winning, Toronto-based dry cleaning franchisor with 67 outlets in the Greater Toronto Area. With this acquisition, DoveCorp. is now the largest dry cleaner in Canada.

A private equity fund managed by Integrated Partners, IPLP I, owns approximately 64% of DoveCorp. The purchase price for Cadet, subject to adjustment, was $2,600,000: $600,000 in cash and 4 million DoveCorp common shares at an ascribed value of $0.50 per share.

DoveCorp. is a leader in Canada's drycleaning and laundry industry. Its flagship Dove Cleaners division has been widely recognized as the best premium dry cleaner in Canada. Other divisions operate in the mass market, linen, uniform and mat rental sectors. DoveCorp. holds the only ISO 9001 dry cleaning registration in the country.

Sam Mizrahi, President & CEO of DoveCorp, said "We will continue to seek further acquisition opportunities to grow the business".

Integrated invested $6.5 million in Dove, acquired an 81% interest and actively supported its expansion strategy. In June, 2005 Dove entered into a business combination agreement with a publicly traded Capital Pool Corporation. Following closing of the transaction, Integrated owned 66% of DoveCorp.

Integrated Partners is a manager of private equity funds on behalf of institutional investors and has one of the most experienced private equity teams in Canada, with broad expertise across many sectors and transaction types.

Toronto-based Integrated Asset Management Corp. is Canada's leading alternative asset manager with approximately $2.8 billion in commitments and assets under management in private equity, private debt, real estate, managed futures and hedge funds.

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

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