Loring Ward responds to Werba Reinhard announcement



    NEW YORK, June 19 /CNW/ - Loring Ward International Ltd. ("Loring Ward"
or the "Company") (TSX: LW) today responded to the press release issued by
Werba Reinhard Holdings Ltd. ("WRH") on June 17, 2008, in which WRH announced
that it would make an offer to the shareholders of the Company at a minimum
price of US$16.75 per share, subject to customary conditions, but only if the
current Board is replaced so that WRH can conduct due diligence. In its press
release, WRH alleged that it has been Loring Ward's intention "to keep WRH out
of the auction process". This allegation is unfounded, and in fact WRH was
invited publicly to participate in the formal auction process that the Company
conducted resulting in the execution of the previously announced agreement to
be acquired by Friedman Fleischer & Lowe Capital Partners II, L.P. ("FFL") on
June 13, 2008 (the "Agreement"). WRH refused to participate.
    WRH's support for the transaction with FFL was sought by the Company
prior to entering into the Agreement, at which time WRH could have pre-empted
FFL and made a proposal to the Company, but instead WRH chose to issue a proxy
circular containing numerous misleading statements and announced their
intention to seek the removal of the board of directors and, if successful in
having the directors removed, to make an offer to shareholders at a minimum
price of Cdn $13.75.
    Loring Ward is not precluded from considering bona fide competing offers
for the Company's shares and providing access to confidential information of
the Company, subject to execution of a standard confidentiality agreement
without a standstill, provided that any such offer complies with the customary
terms and conditions of the Agreement applicable to the Company's ability to
consider and respond to competing acquisition proposals. The Agreement is
available for review on Sedar at www.sedar.com.
    The Special Committee of the independent directors and the Board confirm
that they continue to support the Agreement entered into with FFL and confirm
their unanimous conclusion and recommendation that shareholders should vote in
favour of the FFL transaction at US$16.50 per share, which is not subject to
any financing or diligence condition. The Agreement with FFL remains in full
force and effect.

    About Loring Ward

    Loring Ward International Ltd. provides in its core business a turnkey
asset management program to some of America's most knowledgeable and
successful investment advisors and their clients. These services include
investment strategies and products, back office operational processing,
education and training, and business development support. The Company's U.S.
corporate offices are headquartered in New York. For more information, please
visit www.loringward.com.

    The Company, in the ordinary course of its business, may explore
potential proposals or be the recipient of proposals with respect to strategic
opportunities and transactions, which may include strategic joint venture
relationships, significant debt or equity investments in or by the Company,
the acquisition or disposition of material assets or business lines, mergers,
new products or services, new distribution methods and other similar strategic
opportunities or transactions. The Company's policy is generally not to
publicly disclose the pursuit of a potential strategic opportunity or
transaction unless and until a definitive binding agreement is reached. The
public announcement of such matters could potentially materially affect the
price or value of the Company's securities. As a result, there can be no
assurance that investors who buy or sell the Company's securities are doing so
at a time when the Company is not pursuing a particular strategic opportunity
or transaction that, if publicly disclosed, could materially affect the price
or value of the Company's securities.
    Information in this news release that is not current or historical
factual information may constitute forward-looking information within the
meaning of securities laws. Forward-looking statements may include those
relating to the Company's objectives and strategies, as well as statements of
our beliefs, plans, dividend policy, plans to repurchase shares, expectations
and intentions. Implicit in this information are assumptions regarding future
revenue and expenses, economic conditions, and the results of pending
litigation involving the Company, as well as our business strategy,
expectations, intentions, and other matters. These assumptions may prove to be
incorrect, and actual outcomes and results, including the future operating
results and economic performance of the Company, may differ materially because
of many factors, including those discussed in this press release and in our
other public filings. For more information on these risks and uncertainties
you should refer to our detailed Financial Statements and Management's
Discussion and Analysis, as well as a broader description of certain
challenges and risks facing the Company, all of which is available at
www.sedar.com. Forward-looking information contained in this news release is
based on our current estimates, expectations and projections, which we believe
are reasonable as of the current date. You should not place undue importance
on forward-looking information and should not rely upon this information as of
any other date. The Company disclaims any intention or obligation to update
the information in this press release or revise any other forward-looking
statements, whether as a result of new information, future events or
otherwise, except as expressly required by law.





For further information:

For further information: Robert Herrmann at (212) 907-8080 or E-mail:
info@loringward.com; David Rattee at (416) 591-5105 or E-mail:
info@loringward.com

Organization Profile

LORING WARD INTERNATIONAL LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890