Settlement of Claim and Repurchase of Shares

RNS Number : 4218X

Titanium Asset Management Corp

07 February 2013

 

Titanium Asset Management Corp. 

Company Settlement of Claim and Repurchase of Common Stock

Milwaukee, WI, February 7, 2013 - Titanium Asset Management Corp. (AIM - TAM) (the "Company") is pleased to announce that the Company has reached a settlement with a former executive of the Company that had made a claim for severance against the Company, and against whom the Company had filed a counterclaim for unjust enrichment.  Pursuant to the terms of the settlement, the former executive and the Company have agreed to mutual releases and waivers with respect to the claim and counterclaim, and that the Company will repurchase all 889,408 shares of Company common stock currently held by the former executive and certain of his affiliates for a total of $745,000, as well as to pay $100,000 towards the former executive's legal fees.

The 889,408 shares of common stock will be held as treasury shares from February 7, 2013 and will represent the total number of treasury shares held by the Company.

For further information please contact:

Titanium Asset Management Corp.

Robert Brooks, Chairman                                                       [phone]

Titanium Asset Management Corp.

Brian Gevry, Chief Executive Officer                                     [phone]

Seymour Pierce Ltd

David Foreman/Guy Peters                                                   [phone]

 

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