Jaguar Financial announces expiry of take-over bid

    TORONTO, July 31 /CNW/ - Jaguar Financial Corporation (TSX: JFC)
("Jaguar") announced that its take-over bid for common shares of Telehop
Communications Inc. ("Telehop") expired today at 5:00 PM (Toronto time) and
that it will not be further extending its offer. A total of 8,000 shares of
Telehop were deposited under the offer, all of which will be taken up and paid
for by Jaguar in accordance with the offer.
    After taking up the shares deposited under the offer, Jaguar will own
2,382,000 Telehop shares representing approximately 17.83% of Telehop's issued
and outstanding common shares.

    About Jaguar

    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: on this press release, please contact: Kyler
Wells, General Counsel & Corporate Secretary, Jaguar Financial Corporation,
(416) 644-8110

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Jaguar Financial Corporation

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