Jovian Announces that Tailwind Financial has Entered into a Letter of Intent



    TORONTO, Aug. 27 /CNW/ - Jovian Capital Corporation ("Jovian") (TSX: JOV)
and wholly-owned subsidiary JovFunds Management Inc. ("JovFunds") announce
that Tailwind Financial Inc. ("Tailwind") (AMEX:   TNF), a blank-check
development stage company in which Jovian has an indirect interest, has signed
a letter of intent with Grand Union Inc., a shipping operating company.
Attached below is the full text of the press release issued by Tailwind (all
dollars amounts in U.S. currency). Jovian has not reviewed and does not accept
responsibility for the adequacy or accuracy of that release.
    This proposed transaction follows the announcement by Tailwind on
August 8, 2008, of the termination of the Agreement and Plan of Merger between
Tailwind and Asset Alliance Corporation. The full text of that press release
is also attached below. Jovian has not reviewed and does not accept
responsibility for the adequacy or accuracy of that release.
    As announced on April 20, 2007, JovFunds owns 50% of Parkwood Holdings
Ltd., which has an indirect interest in Tailwind.

    About JovFunds Management Inc. (www.jovfunds.com)

    JovFunds provides innovative investment solutions for Canadians through
the creation, distribution and management of high quality investment products.
JovFunds manages and distributes in excess of $2.5 billion in client assets
and is wholly owned by Jovian Capital Corporation.

    About Jovian Capital Corporation (www.joviancapital.com)

    Jovian acquires, creates and grows financial services companies
specializing in wealth and asset management. The Jovian group of companies
(MGI Securities Inc., MGI Securities (USA) Inc., Rice Financial Group Inc.,
BetaPro Management Inc., Horizons Funds Inc., JovFunds Management Inc.,
JovFunds Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc.,
T.E. Wealth and Felcom Data Services Inc.) manages $16.0 billion of client
assets ($6.5 billion in assets under management and $9.5 billion in assets
under administration). Additional information is available at
www.joviancapital.com and www.sedar.com

    
    -------------------------------------------------------------------------
                           Tailwind Financial Inc.
            Signs Letter of Intent to Acquire 20 Dry Bulk Vessels
    -------------------------------------------------------------------------
    

    TORONTO and NEW YORK - August 27, 2008 - Tailwind Financial Inc.
("Tailwind") (AMEX:   TNF; TNF.U; TNF.WS), a special purpose acquisition
company, today announced that it has signed a letter of intent with GrandUnion
Inc ("GrandUnion"), a shipping company headquartered in Piraeus, Greece,
contemplating the acquisition by Tailwind of 20 vessels operating in the dry
bulk industry, including nine new buildings to be delivered in 2010 and 2011.
Subject to the completion of the acquisition, the fleet will be composed of
approximately 2.0 million DWT, making it one of the leading publicly traded
dry bulk shipping operators. The acquisition of the eleven existing vessels is
valued in excess of $600 million and will result in a fully integrated dry
bulk shipping company generating EBITDA anticipated to be in excess of
$113 million for 2009.
    The surviving company will be led by a management team composed of
Nicholas Fistes and Michael Zolotas, the principals of GrandUnion, and Allan
Shaw. The management team will focus its full-time efforts on the integrated
business of vessel ownership and technical and commercial management.
    Mr. Fistes will serve as Chairman of the Board and Chief Executive
Officer. Mr. Fistes is a long-time industry participant with over 25 years of
shipping experience. He currently serves as Chairman of GrandUnion and
President of Newfront Shipping S.A. and Newlead Shipping S.A. Mr. Fistes is
also the Chairman of Intertanko and a member of the Executive Committees of
Ceres Group and Intercargo and formerly of Euronav. Mr. Fistes also serves as
a member of the ABS Council, Bureau Veritas Hellenic & Black Sea Regional
Committee, DNV Committee, RINA Committee, CCS Mediterranean Committee and the
Board of HELMEPA. Mr. Fistes has degrees from M.I.T. (MBA - Ocean Systems
Management) and Newcastle University (Bsc. - Naval Architecture and
Shipbuilding).
    Mr. Zolotas will serve as Vice Chairman, President and Chief Operating
Officer. Mr. Zolotas has over 15 years of experience in dry bulk shipping and
is currently the CEO of GrandUnion and the President of Stamford Navigation
Inc. and Vice President of Newfront Shipping S.A. and Newlead Shipping S.A.
Mr. Zolotas serves as a member of Bureau Veri Hellenic & Black Sea Regional
Committee, CCS Mediterranean Committee and the RINA Committee. Mr. Zolotas was
educated at Stevens Institute of Technology (Bs. - Mechanical Engineering) and
the Institute of Charter Shipbrokers.
    Mr. Shaw will be a Board Member and Chief Financial Officer. Mr. Shaw has
over 15 years experience in the public markets and is currently the chairman
of the Audit and Compensation Committees of Navios Maritime Holdings Inc. Mr.
Shaw also serves as a member of the Finance Committee for the Board of Edith &
Carl Marks JCH of Bensonhurst. He is currently the principal of Shaw Strategic
Capital LLC and was most recently the CFO & Executive Management Board Member,
Serono SA. Mr. Shaw was educated at the State University of New York, College
at Oswego (BS.) and is a Certified Public Accountant.
    The letter of intent provides for a period of exclusivity to negotiate
and execute a definitive agreement. The consummation of the contemplated
transaction will be subject to a number of conditions, including obtaining
secured vessel financing for existing vessels and new buildings, the
preparation of proxy materials and the required vote of the stockholders of
Tailwind. Further details relating to the contemplated transaction will be
available at a later date following the execution of definitive agreements.

    About Tailwind

    Tailwind was incorporated in Delaware on June 30, 2006 as a special
purpose acquisition company whose objective is to quire, through a purchase,
asset acquisition, or other business combination, one or more operating
businesses. Tailwind completed its initial public offering on April 17, 2007.

    Forward-Looking Statements

    Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that term is
defined by the United States Private Securities Litigation Reform Act of 1995.
Any such forward-looking statements contained herein are based on current
expectations, but are subject to a number of risks and uncertainties that may
cause actual results to differ materially from expectations such as material
adverse events affecting Tailwind, the ability of Tailwind to satisfy the
conditions to completion of the business combination and those other risks and
uncertainties detailed in Tailwind's filings with the Securities and Exchange 
Commission.

    
    Contact:

    Tailwind Financial, Inc.          GrandUnion Inc

    Andrew A. McKay                   Thomas J. Rozycki, Jr.
    Chief Executive Officer           Senior Vice President
    Tailwind Financial, Inc.          CJP Communications for GrandUnion Inc
    181 Bay Street, Suite 2040        350 Fifth Avenue
    Toronto, Ontario, M5J 2T3         Suite 3901
    (416) 601-2422                    New York, NY 10118
    (416) 601-2423 (FAX)              (212) 279-3115 x208
    Email: amckay@tailwindfc.com   Email: trozycki@cjpcom.com

    -------------------------------------------------------------------------
           Tailwind Financial Inc. and Asset Alliance Corporation
                   Announce Termination of Merger Agreement
    -------------------------------------------------------------------------
    

    TORONTO and NEW YORK, August 8, 2008 - Tailwind Financial Inc.
("Tailwind") (AMEX:   TNF), a blank check development stage company, and Asset
Alliance Corporation ("Asset Alliance"), a Delaware corporation, today jointly
announced that they have terminated the Agreement and Plan of Merger between
Tailwind and Asset Alliance dated January 8, 2008, whereby Tailwind would have
acquired all of the outstanding common stock of Asset Alliance in exchange for
shares of Tailwind common stock. The decision to terminate was based on the
belief that the transaction would not receive shareholder approval due to
market conditions in the financial services sector. Tailwind will continue to
seek other business combinations with targets in a variety of industries.
Asset Alliance will seek other sources of capital to expand its manager
acquisition and manager seeding business.

    About Tailwind

    Tailwind was incorporated in Delaware on June 30, 2006 as a blank check
development stage company whose objective is to acquire, through a purchase,
asset acquisition, or other business combination, one or more operating
businesses. Tailwind completed its initial public offering on April 17, 2007.

    About Asset Alliance

    Asset Alliance is a multi-faceted investment management firm specializing
in alternative investment management - specifically hedge funds. Founded in
1996 and with offices in New York, London and Dubai, Asset Alliance offers
strategic opportunities for highly skilled hedge fund managers; provides
advisory services to organizations worldwide; and manages investment products
for high net worth and institutional investors. Asset Alliance and affiliate
managers in which Asset Alliance has an interest have in excess of $3 billion
of assets under management.

    
    Contacts:

    Tailwind Financial, Inc.       Asset Alliance Corporation

    Gordon A. McMillan, Chairman   Bruce H. Lipnick, Chief Executive Office
    181 Bay Street, Suite 2040     800 Third Avenue, 22nd Floor
    Toronto, Ontario, M5J 2T3      New York, NY 10022
    Tel: (416) 601-2445            Tel: (212) 207-8786
    Fax: (416) 601-2423            Fax: (212) 207-8785
    gmcmillan@tailwindfc.com    lipnick@assetalliance.com

    Andrew A. McKay,               Walek & Associates
     Chief Executive Officer
    181 Bay Street, Suite 2040     Mary Beth Kissane, Principal
    Toronto, Ontario, M5J 2T3      317 Madison Avenue, Suite 2300
    Tel: (416) 601-2422            New York, NY 10017
    Fax: (416) 601-2423            Tel: (212) 590-0536
    amckay@tailwindfc.com       Fax: (212) 889-7174
                                   mbkissane@walek.com
    





For further information:

For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; or Philip Armstrong., C.E.O., Jovian
Capital Corporation, (416) 933-5752

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Jovian Capital Corporation

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