EGI Financial Holdings Inc. completes rights offering

    TORONTO, Aug. 1 /CNW/ - EGI Financial Holdings Inc. (TSX: EFH) today
announced that it has successfully completed its previously announced rights
offering. Under the rights offering, EGI Financial raised gross proceeds of
$20,894,022 through the issue of 1,943,630 common shares at a price of $10.75
per share. After giving effect to the rights offering, EGI Financial has an
aggregate of 11,667,782 common shares outstanding. EGI Financial intends to
use the proceeds for general corporate purposes, which may include the
financing of internal organic growth and paying, in whole or in part, for

    About EGI Financial

    Founded in 1997, EGI Financial operates in the property and casualty
insurance industry in Canada and the United States, primarily focusing on
non-standard automobile insurance and other niche and specialty general
insurance products. EGI Financial's common shares are traded on the Toronto
Stock Exchange under the symbol EFH.

    Forward-looking Information

    This news release contains forward-looking information based on current
expectations. This information includes, but is not limited to, statements
about the operations, business, financial condition, priorities, targets,
ongoing objectives, strategies and outlook of EGI Financial for 2008 and
subsequent periods.
    This information is based upon certain material factors or assumptions
that were applied in drawing a conclusion or making a projection as reflected
in the forward-looking information. By its nature, this information is subject
to inherent risks and uncertainties that may be general or specific. A variety
of material factors, many of which are beyond EGI Financial's control, affect
the operation, performance and results of EGI Financial and its business
including the commencement and completion of the Offering, and could cause
actual results to differ materially from the expectations expressed in any of
this forward-looking information.
    EGI Financial does not undertake to update any forward-looking
information. Additional information about the risks and uncertainties about
EGI Financial's business is provided in its disclosure materials, including
its annual information form, filed with the securities regulatory authorities
in Canada, available at

    %SEDAR: 00022868E

For further information:

For further information: Douglas E. McIntyre, Chief Executive Officer,
EGI Financial Holdings Inc., Telephone: (905) 214-7960

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