Loring Ward International Ltd.

Loring Ward International Ltd.

June 29, 2005 18:46 ET

Loring Ward Announces Management Appointments and Board Member Elections

WINNIPEG, MANITOBA--(CCNMatthews - June 29, 2005) - Loring Ward International Ltd. today announced that it has made four appointments to its U.S. based senior executive management team, and elected three new directors to its Board. The announcements were made at the Company's Annual General Meeting held today in Winnipeg.

Senior executive appointments include:

Mr. Robert Herrmann - President of: Loring Ward Capital Management, a Division of LWI Financial Inc.; Loring Ward Estate and Insurance Services; and LW Mortgage Services.

Mr. Michael Nairne - Chief Investment Strategist for Loring Ward International Ltd. (Former Chief Operating Officer of Loring Ward Inc. and President of Loring Ward Capital Management, a Division of LWI Financial Inc.)

Mr. Malcolm Smith - Senior Vice President, Asset Management Operations and Information Technology for Loring Ward Group Inc.

Ms. Carol Brickner - Director, Human Resources for Loring Ward Group Inc.

Those elected to the Board of Directors include:

Mr. Allen Freedman - Member of the Board of Assurant, Inc. (formerly Fortis, Inc., New York). He retired as Chairman and CEO in 2000.

Mr. Keith Mitchell - Principal and Founder of Mitchell Advisors, LLC.

Mr. Michael Monahan - Executive Managing Director of CB Richard Ellis (CBRE).

"Our new senior executive managers and Board members bring a wealth of U.S. based experience, success and expertise to our team and provide us with greater management depth as well as strategic understanding and perspective," said Donald J. Herrema, President and Chief Executive Officer of Loring Ward International Ltd.

"Together, with our current key leadership in the U.S. and our present Board, they will all play important roles as we continue to work to build a strong company," he added.

The Company also announced that at the Annual General Meeting Shareholders had:

- approved the consolidation of the issued Common Share capital of the Corporation on the basis of one Common Share for each ten Common Shares existing prior to the consolidation;

- authorized the Board, if it so determines, to seek continuance of the Corporation as a U.S. Corporation under the laws of the state of Wyoming or another state; and

- approved the Employee Stock Purchase Plan, which has been in place since July 2004, but required approval to potentially comply with California state regulations.

With regards to the shareholders approving the Employee Stock Purchase Plan, Herrema said, "Much of Loring Ward's future depends upon the performance of its employees, and when they are part owners of the company, they have an added stake in working to secure its future."

Herrema also reported on other activities of the Company over the last five months including the completion of the divestiture of its sports representation business. Effective today, the Company completed agreements with principals of Fegan and Associates and M.D. Gillis and Associates, to sell certain assets of those businesses to the senior management of those firms, who will continue to operate these sports agency practices independent of Loring Ward.

Fegan & Associates specializes in the representation of professional basketball athletes in the National Basketball Association and M.D. Gillis and Associates specializes in the representation of professional athletes in the National Hockey League. Under both of these agreements, the Company will have no continuing interest in those practices.

"These agreements, added to those previously announced related to our other two sports agency firms, effectively brings to a close our active involvement in the sports representation business," said Herrema.

"As a result, we are now able to dedicate all of our time and attention to the further development of our core financial services operations, namely, our Asset Management, Advisor Services and Family Office business segments."

It was also announced at the Annual General Meeting that the Board determined as at June 9, 2005, the strike price for stock options and the price of restricted stock issued by the Company, to be USD $.93 per share. The Board's determination should not be taken as an indication or prediction of the actual prices at which shares have traded or will trade.

Senior Executive Appointee Backgrounds


Mr. Robert Herrmann

President,

Loring Ward Capital Management, a Division of LWI Financial Inc.

Mr. Robert Herrmann will be based in New York and will be primarily responsible for the growth and development of the Loring Ward Private Client program. He will additionally assume broad responsibilities for public relations, marketing, communications and training. Mr. Herrmann has extensive experience in the wealth management industry serving in a number of senior corporate and marketing roles, most recently as Managing Director of the Business Development Group at Wachovia Securities, prior to that as Senior Vice President and Director of Wealth Management at Prudential Securities. Mr. Herrmann also spent 13 years with Merrill Lynch's U.S. and International Private Client Groups in a progression of management roles.

Mr. Michael Nairne

Chief Investment Strategist

Mr. Michael Nairne formerly served as the Chief Operating Officer of Loring Ward Inc., President of Loring Ward Capital Management (a Division of LWI Financial Inc.), and President of Loring Ward Estate & Insurance Services. He was formerly President of The Equion Group, which later merged with Loring Ward Investment Counsel Ltd., to form Assante Corporation, where he was Vice-Chairman. Mr. Nairne will continue to work closely with the team at Loring Ward Capital Management, a Division of LWI Financial Inc., but will now also support the marketing activities at Loring Ward Advisor Services. In addition, he will be continuing his role as a member of the Board of Directors of Loring Ward International Ltd.

Mr. Malcolm Smith

Senior Vice President,

Asset Management Operations and Information Technology

Mr. Malcolm Smith was most recently Chief Technology Officer (CTO) at Archive Systems, Inc., and prior to that Divisional CTO for AIG SunAmerica, Inc., and CTO for SunAmerica Financial, Inc. Mr. Smith has had extensive involvement with asset management systems development and implementation in the financial services industry. His experience also includes nearly three years at Microsoft Corporation and seven as founder of his own consulting and software development company. Mr. Smith is working closely with members of the Information Technology Operations team in transitioning these functions from Winnipeg to New York, where he is based, and assuming responsibility for the IT and Operations functions in the US.

Ms. Carol Brickner

Director,

Human Resources

Ms. Carol Brickner joins Loring Ward after more than eighteen years experience in the Human Resource field, most recently as Director of Human Resources for Electronic Arts. Prior to that she was a Manager of Human Resources at the Walt Disney Company. Ms. Brickner also spent thirteen years with United Airlines, where she served in various Human Resource roles and was subsequently promoted to Regional Human Resource Manager responsible for establishing and managing the first Human Resources regional office for United Airlines in Southern California. She will be based in Los Angeles.


Newly Elected Board Member Backgrounds

Mr. Allen Freedman

Mr. Allen Freedman is a member of the Board of Assurant, Inc., formerly Fortis, Inc. of New York. He retired as Chairman and CEO in 2000. He was the first employee of Assurant and, over his twenty-two year history, grew the company to over 10,000 employees and $7 billion in revenues.

Currently, he is Chairman of the Audit Committee and a member of the Investment Committee of the Board of StoneMor Partners L.P. based in Bristol, Pennsylvania and Indus International based in Atlanta Georgia. A frequent lecturer in the United States and Europe, Mr. Freedman has been "Businessman in Residence" at the University of Wisconsin Business School in Milwaukee. He serves as a guest lecturer at the Frye Institute, Emory University in Atlanta, Georgia. He is founding director of the Association of Audit Committee members, Inc., one of the leading industry associations in matters of audit and governance. He holds an LLB from the University of Virginia Law School and a BA from Tufts University.

Mr. Michael Monahan

Mr. Michael Monahan is Executive Managing Director of CB Richard Ellis (CBRE) and heads a transaction team with a focus on headquarters relocations, including advising his clients on the acquisition and disposition of commercial property. He has over 24 years of real estate experience and works primarily with law firms, accounting firms and financial services firms. Prior to joining CBRE Mr. Monahan was a senior Director at Jones Lang Wooton and was in charge of the Brokerage Division during his tenure. Before Jones Lang Wooton, he was a Vice President at Cushman & Wakefield from 1982 through 1990. Mr. Monahan has served on the boards of a number of not-for-profit groups and is active in many charitable organizations. He was educated at Marietta College, where he received a Bachelor of Arts degree in 1980 and has a graduate degree from New York University Real Estate Institute.

Mr. Keith Mitchell

Mr. Keith Mitchell is a principal and founder of Mitchell Advisors, LLC and serves as strategic adviser to executives of asset management organizations that are seeking to achieve their corporate objectives through acquisitions, mergers or divestitures. Prior to founding Mitchell Advisers, he was a Managing Director with Putnam Lovell NBF in San Francisco and later in Atlanta. While at Putnam Lovell NBF, he was involved in M&A advisory engagements for both domestic and international asset management groups.

Previously, Mr. Mitchell's industry experience includes executive roles with AIB Asset Management Holdings, Delaware Management Holdings, and Enterprise Capital Management. In addition to serving as a Director at AIB Asset Management Holdings, he also served as President of its U.S. affiliate AIB Govett, Inc. Prior to that, he was a member of the Executive Committee of Delaware Management Holdings, Inc. and was President/CEO of its Private Client business (Delaware Distributors). Before that, he was a founder, Chairman, CEO and President of Enterprise Capital Management and its Enterprise Group of Funds. Keith also holds a BS in marketing and economics from Jacksonville State University


Loring Ward 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 Canadian public company with principal operating subsidiaries in California and New York. Loring Ward's U.S. corporate offices are headquartered in New York.

Contact Information

  • Loring Ward International Ltd.
    Denis Taillieu
    Chief Financial Officer
    (204) 954-5154 or toll-free: 1-866-954-5150
    dtaillieu@loringward.com