Allen-Vanguard announces termination of arrangement agreement with Tailwind Financial and execution of exclusivity agreement with new U.S. investor

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[{"type":"text","content":"\n\n\n\nOTTAWA, April 6 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"\nor "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada announced today that the\narrangement agreement in respect of the previously announced plan of\narrangement among Allen-Vanguard, Tailwind Financial Inc. and AV Acquisition\nCorp. (the "Arrangement") has been terminated and that the Arrangement will\ntherefore not proceed.\n\n\nAt the same time, Allen-Vanguard announced that it has entered into an\nexclusivity agreement with an unrelated U.S. investor for a period of three\nweeks ending April 24, 2009, during which time the investor will undertake\ndiscussions with Allen-Vanguard's stakeholders and perform due diligence with\nthe objective of entering into a binding agreement pursuant to which\nAllen-Vanguard would be taken private. Any such transaction would be subject\nto the approval of Allen-Vanguard shareholders and other customary conditions.\n\n\nThe Company also announced that C$14.1 million in subscription receipts\nraised and held in escrow under the rights offering results announced March\n24, 2009 will be returned to receiptholders as provided in the Company's\nrights offering prospectus.\n\n\nForward looking statements\n\n\nThis press release may contain forward-looking statements, which reflect\nAllen-Vanguard's current expectations regarding future events, its strategy,\nexpected performance and condition. Forward-looking statements include\nstatements that are predictive in nature, that depend upon or refer to future\nevents or conditions, or that include words such as "expects," "anticipates,"\n"plans," "believes," "estimates" or negative versions thereof and similar\nexpressions. In addition, any statement that may be made concerning future\nperformance, strategies or prospects, and possible future acquisitions or\ndispositions, is also a forward-looking statement. Forward-looking statements\nare based on current expectations and projections about future events and are\ninherently subject to, among other things, risks, uncertainties and\nassumptions about the Company and economic factors. Forward-looking statements\nare not promises or guarantees of future performance, and actual events and\nresults could differ materially from those expressed or implie...

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