International Assets -- FCStone Restructures Shareholding in Agora-X
February 16 2010 - 7:30AM
International Assets Holding Corporation ("INTL") (Nasdaq:IAAC)
announced that its previously consolidated shareholding in Agora-X,
LLC ("Agora-X") has been restructured.
INTL's wholly-owned subsidiary, FCStone Group, Inc. ("FCStone"),
was instrumental in establishing Agora-X, an electronic
communications network for institutional trading in
over-the-counter ("OTC") commodities contracts. The change in
shareholding is a result of a $6.6 million investment in Agora-X
made by the NASDAQ OMX Group to fund its ongoing growth and
expansion. FCStone will continue to support Agora-X as its
primary OTC platform and will retain a board seat. The NASDAQ
OMX's interest in Agora-X will increase from 20% to 85%, and
FCStone's interest will decrease from 80% to 15%. FCStone will have
an option to acquire an additional 10% at fair market
value. Since INTL will no longer have a controlling financial
interest in Agora-X, it will deconsolidate it as a subsidiary and
recognize a resulting gain in income during the three months ending
March 31, 2010.
About International Assets Holding
Corporation
International Assets Holdings Corporation (INTL) provides
execution and advisory services in commodities, currencies and
international securities. INTL's businesses, which include the
commodities advisory and transaction execution firm FCStone Group,
serve more than 10,000 commercial customers in more than 100
countries through a network of offices in eleven countries around
the world.
Further information on INTL is available at
www.intlassets.com.
Forward Looking Statements
This press release includes forward-looking statements including
statements regarding the combined company. All statements other
than statements of current or historical fact contained in this
press release are forward-looking statements. The words
"believe," "expect," "anticipate," "should," "plan," "will," "may,"
"could," "intend," "estimate," "predict," "potential," "continue"
or the negative of these terms and similar expressions, as they
relate to International Assets Holding Corporation, are intended to
identify forward-looking statements.
These forward-looking statements are largely on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the combined
company. They can be affected by inaccurate assumptions,
including the risks, uncertainties and assumptions described in the
filings made by International Assets with the Securities and
Exchange Commission. In light of these risks, uncertainties and
assumptions, the forward-looking statements in this press release
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. When you
consider these forward-looking statements, you should keep in mind
these risk factors and other cautionary statements in this press
release.
CONTACT: International Assets Holding Corporation
Investor inquiries:
Bill Dunaway
1-866-522-7188
bdunaway@intlassets.com
Brainerd Communicators, Inc.
Media inquiries:
Joseph LoBello
1-212-986-6667
lobello@braincomm.com
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