Jaguar announces extension and variation of offer to acquire shares of Royal Laser

    TORONTO, Oct. 8 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the
"Company") (TSX: JFC) announced it has extended the expiry date and time of
its offer to acquire up to 31,620,495 of the issued common shares of Royal
Laser Corp. ("Royal Laser") not already owned by Jaguar (the "Offer") to
5:00 p.m. on Friday, November 7, 2008.
    Jaguar also announced that, as a result of a major decline in markets
generally and in the share price of Royal Laser from a closing price of $0.72
on September 3, 2008, the date Jaguar commenced the Offer, to a closing price
of $0.45 on October 7, 2008, Jaguar is varying the terms of the Offer by
reducing the Offer price per common share from $0.80 to $0.63 per common
    A Notice of Extension and Variation was filed today with Equity Transfer
and Trust Company, Jaguar's transfer agent, and will be mailed to Royal Laser
shareholders. As at the close of business of the TSX yesterday, Jaguar owned
17,823,000 Royal Laser shares, representing approximately 18.02% of the total
issued and outstanding Royal Laser shares.

    About Jaguar Financial Corporation

    Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.

    The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Jaguar's control which may cause actual
results, performances or achievements of Jaguar to be materially different
from those implied by such forward looking statements.

For further information:

For further information: Vic Alboini, Chairman & Chief Executive
Officer, (416) 644-8110; or Kyler Wells, General Counsel & Corporate
Secretary, (416) 644-8177

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