Jovian Capital Corp. and it wholly owned subsidiary JovFunds Management Inc. report that Tailwind Financial Inc., a blank-check development stage company in which Jovian has an indirect interest, and Asset Alliance Corp., a multi-faceted investment management firm headquartered in New York City, have entered into an merger agreement.

As announced on April 20, 2007, JovFunds owns 50% of Parkwood Holdings Ltd., which has an indirect interest in Toronto-based Tailwind.

If the contemplated transaction is completed, JovFunds would indirectly own approximately 6%, depending upon adjustments, of the common shares of Tailwind.