Loring Ward International Ltd. today announced that it reached an agreement in principle to sell certain assets of its Canadian wealth management business to a company owned and controlled by Marty Weinberg and Jim Morden.

The sale is subject to finalizing documentation and meeting certain conditions including the necessary board, regulatory and other approvals.

Weinberg has resigned his positions as both chairman of the board and a director of Loring Ward International Ltd.

Two other Canadian resident directors, Morris Perlis and Holger Kluge, have also tendered their resignations from the board.

The resignations of Perlis and Kluge had been expected since Loring Ward completed transition to a U.S. management structure and recruitment of several U.S. directors.

Donald J. Herrema, President and Chief Executive Officer, stated, “We are indebted to all three individuals. Each has played a key role in guiding Loring Ward and served the Company with great distinction. In particular, Marty Weinberg, founder and former CEO of Loring Ward International Ltd. and its predecessor, Assante Corp., has been most influential in our success.”

Loring Ward International Ltd. provides wealth, career and life management services thorough subsidiaries in California and New York.