TORONTO, Jan. 18, 2013 /CNW/ - Galileo Global Equity Advisors Inc.
("Galileo") and U.S. Global Investors, Inc. ("U.S. Global") today
announced that they have entered into an agreement whereby U.S. Global
will purchase common shares of Galileo from treasury representing 50%
of the issued and outstanding shares of Galileo.
Currently, all of the outstanding shares of Galileo are owned by Michael
Waring. Upon the completion of the transaction, Mr. Waring and U.S.
Global will each own 50% of the outstanding shares of Galileo. Mr.
Waring will continue to serve as the President, Chief Executive Officer
and Chief Investment Officer of Galileo and will continue to have
overall responsibility for the investment management activities of
Galileo, including its management of the Galileo Mutual Funds.
"In this unique environment for investment firms worldwide, I'm excited
about the strategic partnership between Galileo and U.S. Global as it
strengthens Galileo's balance sheet and provides for the sharing of
intellectual capital to broaden our research capabilities." said
CEO and Chief Investment Officer of U.S. Global Frank Holmes said,
"Galileo is a strategic partnership for U.S. Global. Our models for
marketing and investment management will reinforce Galileo's proven
track record in fund management."
The transaction is subject to the approval of securities regulatory
authorities and to the satisfaction of other closing conditions. It is
anticipated that the transaction will close on or before March 31,
About Galileo Global Equity Advisors Inc.
Founded in 2000 by Michael Waring, Galileo delivers investment advisory
and portfolio management services to institutional clients including
pension funds, high net worth individuals, corporations and trusts. It
also manages the Galileo Mutual Funds (www.galileofunds.ca), which are represented across Canada by independent financial
About U.S. Global Investors, Inc.
U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on profitable niche
markets around the world. Headquartered in San Antonio, Texas, the
company provides advisory, transfer agency and other services to U.S.
Global Investors Funds and other clients.
SOURCE: Galileo Global Equity Advisors Inc.
For further information:
Michael Waring, President and CEO (416) 594-3636 firstname.lastname@example.org
Susan Filyk, Investor Relations (210) 308-1286 email@example.com