U.S. Global Investors Announces Pending Sale of Galileo Global Equity Advisors Inc.
January 03 2020 - 1:56PM
U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a
boutique registered investment advisory firm with longstanding
experience in global markets and specialized sectors, today
announced that it has entered into a binding letter of intent dated
December 30, 2019, with Galileo Global Equity Advisors Inc.
("Galileo") whereby Galileo, pursuant to its capital restructuring,
is purchasing back all of its common shares owned by the Company,
through its wholly-owned subsidiary, for approximately the same
amount that the Company had paid for its investment in Galileo.
The transaction is subject to the approval of Canadian
securities regulatory authorities and to the satisfaction of other
closing conditions. It is anticipated that the transaction will
close on or about March 2, 2020. Michael Waring will continue to
serve as the President and Chief Executive Officer of Galileo.
“Streamlining the Company’s operations will allow management to
focus on growing the Company’s assets under management in the U.S.,
in particular our gold and airline ETFs” commented Frank Holmes,
CEO and CIO of the Company.
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About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years
when it began as an investment club. Today, U.S. Global Investors,
Inc. (www.usfunds.com) is a registered investment adviser that
focuses on niche markets around the world. Headquartered in San
Antonio, Texas, the Company provides money management and other
services to U.S. Global Investors Funds and U.S. Global ETFs.
Forward-Looking Statements and Disclosure
This news release and other statements by U.S. Global Investors
may include certain “forward-looking statements,” including
statements relating to revenues, expenses and expectations
regarding market conditions. You can identify these forward-looking
statements by the use of words such as “outlook,” “believes,”
“expects,” “potential,” “opportunity,” “seeks,” “anticipates” or
other comparable words. Such statements involve certain risks and
uncertainties and should be read with corporate filings and other
important information on the Company’s website, www.usfunds.com, or
the Securities and Exchange Commission’s website at
www.sec.gov.
This filing should be read in conjunction with the cautionary
statements that are included in the Company’s annual report and
Form 10-Q. Future events could differ materially from those
anticipated in such statements and there can be no assurance that
such statements will prove accurate and actual results may vary.
The Company undertakes no obligation to publicly update or review
any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Holly Schoenfeldt
U.S. Global Investors, Inc.
210.308.1268
hschoenfeldt@usfunds.com
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