Jovian Named in Lawsuit

TORONTO, July 23 /CNW/ - Jovian Capital Corporation ("Jovian") (JOV: TSX) announces that Jovian and two of its wholly-owned subsidiaries have been named as Defendants in a lawsuit filed in the Ontario Superior Court of Justice. The Plaintiffs' claims include an allegation that the Defendants breached a Share Purchase Agreement, a Promissory Note and a Royalty Agreement entered into in 2004 with respect to the purchase by one of the Jovian subsidiaries of a company that was the manager of a mutual fund which had approximately $3.5 million of assets under management at the time. The Plaintiffs are seeking $50 million in general damages, and an unspecified amount for other damages. Jovian feels that the suit is without any merit. Jovian has engaged outside counsel and intends to vigorously defend this action.

ADVISORY: This press release contains forward looking statements. More particularly, this press release contains statements concerning Jovian's view of a lawsuit filed against it. Although Jovian believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Jovian can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. A court of law may rule against Jovian in this proceeding, or Jovian may find itself in a position in which it is expeditious to attempt to or actually settle this matter prior to a court ruling. The forward looking statements contained in this press release are made as of the date hereof and Jovian undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Jovian is relying upon litigation protection for such forward looking statements.

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 (AlphaPro Management Inc., BetaPro Management Inc., Horizons Exchange Traded Funds Inc., Hahn Investment Stewards & Company Inc., Horizons Funds Inc., JovFunds Management Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc., MGI Financial Inc., MGI Securities Inc., MGI Securities (USA) Inc. and T.E. Wealth) manages $11.5 billion of client assets ($6.5 billion in assets under management and $5.0 billion in assets under administration). Additional information is available at www.sedar.com.

For further information: Don Sangster, Investor Relations, Jovian Capital Corporation, [phone]; or Philip Armstrong, Chief Executive Officer, Jovian Capital Corporation, [phone]