Business
Augen Signs Management Agreement with Integrated Asset Management Corp. Subsidiary
Shares outstanding: 36,615,615 TORONTO, Feb. 27 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG...
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[{"type":"text","content":"\n\n\n\nShares outstanding: 36,615,615\n\n\nTORONTO, Feb. 27 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG)\nannounced today that it has entered into a management agreement (the\n"Management Agreement") effective March 1, 2009 pursuant to which Oreserve\nAsset Management Corp. (the "Manager"), a newly formed subsidiary of\nIntegrated Asset Management Corp. ("IAM") (TSX: IAM), will manage Augen's\nbusiness. The transaction was overseen by a special committee and was\nunanimously approved by the Board of Directors (J. David Mason abstaining).\n\n\nOreserve is owned 51% by IAM and 49% by its employees. J. David Mason,\nfounder and Chief Executive Officer of Augen, owns 26% of the Manager and is\nthe new President and Chief Executive Officer of the Manager. Pursuant to the\nManagement Agreement, Mr. Mason will also act as President and Chief Executive\nOfficer of Augen. Mr. Mason and members of his family are significant\nshareholders of Augen and Mr. Mason continues as a member of the Augen Board\nof Directors.\n\n\nAs part of the transaction, Augen announces the appointment of Victor\nKoloshuk to its Board of Directors, subject to approval of the TSX Venture\nExchange (TSX-V). Mr. Koloshuk is Chairman, Chief Executive Officer and\nfounder of Integrated Asset Management Corp., which is Canada's leading\nalternative asset management company. IAM has approximately $2.1 billion in\nassets and committed capital under management in real estate, private\ncorporate debt, private equity, managed futures and retail alternative\ninvestments.\n\n\nAugen's current employees and consultants will be retained by, and\ncommence working with, the Manager effective March 1, 2009. The management\nteam is: J. David Mason, President and Chief Executive Officer; Peter F.\nChodos, Executive Vice President and Chief Operating Officer, and; Manish\nKshatriya, Chief Financial Officer and Secretary. Mr. Kshatriya has been with\nAugen for several years. Mr. Chodos is a Managing Director of IAM subsidiary\nBluMont Capital Corporation and has over 30 years experience in investment\nbanking, mergers and acquisitions, and structured products.\n\n\n"This joint venture is a significant step forward for Augen and we are\npleased to be teaming up with an asset manager with the experience and\nexpertise of IAM. In parti...