Loring Ward International Ltd.

Loring Ward International Ltd.

August 17, 2005 09:44 ET

Loring Ward Announces Canadian Asset Sale and New Board Composition

WINNIPEG, MANITOBA--(CCNMatthews - Aug. 17, 2005) - We are pleased to announce that we have reached an agreement in principle to sell certain assets of our Canadian wealth management business to a company owned and controlled by Martin Weinberg and Jim Morden. This sale is subject to finalizing documentation and meeting certain conditions including the necessary Board, regulatory and other approvals.

Mr. Weinberg has resigned his positions as both Chairman of the Board and a Director of Loring Ward International Ltd. Two other Canadian resident Directors, Morris Perlis and Holger Kluge, have also tendered their resignations from the Board. The latter two resignations had been expected this quarter, the Company having completed transition to a U.S. management structure and recruitment of several U.S. resident Directors. As mentioned in Loring Ward's Second Quarter Results press release on August 12th, three new U.S.-based Directors were elected to the Board during the second quarter as part of the Company's transition.

Donald J. Herrema, President and Chief Executive Officer, stated, "We are indebted to all three individuals. Each has played a key role in guiding Loring Ward and served the Company with great distinction. In particular, Marty Weinberg, founder and former CEO of Loring Ward International Ltd. and its predecessor, Assante Corporation, has been most influential in our success. We wish them the very best in the future."

"Our new senior executive managers and Board members bring significant experience, success and expertise to our team as we move forward to grow and build our business," added Herrema.

About Loring Ward

Loring Ward International Ltd. provides wealth, career and life management services to some of America's most enterprising and successful individuals and families, primarily through its Family Office and Advisor Services businesses. It is an unlisted public company with principal operating subsidiaries in California and New York. The company's corporate offices are headquartered in New York. For more information, please visit www.loringward.com.

This document contains forward-looking statements relating to the Company's objectives and strategies, as well as statements of our beliefs, plans, expectations and intentions. These statements are not guarantees of future performance and may involve uncontrollable and unforeseen risks and uncertainties. Actual outcomes and results may differ materially because of many factors, including those discussed in this report and other public filings. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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