Tuckamore Completes Sale of Interest in Morrison Williams Investment Management LP

TORONTO, ONTARIO--(Marketwire - July 27, 2011) -

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Tuckamore Capital Management Inc. ("Tuckamore") (TSX:TX)(TSX:TX.DB.B)(TSX:TX.DB.C) announced today that it and its wholly-owned subsidiary, Newport Partners Holdings LP, has completed the sale of Tuckamore's 86.67% indirect interest in Morrison Williams Investment Management LP ("Morrison Williams") to Aston Hill Financial Inc. ("Aston Hill") for a purchase price of $10.1 million in accordance with the previously announced purchase agreement with Aston Hill dated July 5, 2011. The 13.33% minority interest in Morrison Williams was sold to Aston Hill at the same time.

Tuckamore's net proceeds from the sale were deposited into an escrow account in accordance with the terms of its senior credit facility and the terms of its secured and unsecured indentures to be held and used for specified acquisition purposes and specified working capital purposes as described thereunder.

About Tuckamore

Tuckamore (formerly Newport Inc.) is a publicly traded company, which invests in successful Canadian private businesses. Tuckamore, after completion of this week's transactions, will have $363 million invested in 9 businesses representing a diverse cross-section of the Canadian economy.

Forward-Looking Statements

Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. Such forward-looking information reflects management's current beliefs and is based on information currently available to management of Tuckamore. Forward-looking information involves significant risks and uncertainties (both general and specific) and the risk that the expectations represented in such forward-looking statements will not be achieved. In addition, in evaluating this information, investors should specifically consider various factors, including the risks outlined in the annual information form of Tuckamore dated March 30, 2011 and Tuckamore's other public disclosure documents filed on SEDAR at www.sedar.com, which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting Tuckamore and its operating partnerships will continue substantially in the ordinary course, including without limitation, with respect to general levels of economic activity. Although the forward-looking information is based on what management of Tuckamore and the operating partnerships consider to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this news release, and Tuckamore does not assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking information.