NEW YORK, Feb. 23, 2009 (GLOBE NEWSWIRE) -- International Assets Holding Corporation (the 'Company') (Nasdaq:IAAC) today announced the purchase of the 50% interest held by Nilesh Ved in INTL Commodities DMCC, the Company's Dubai commodities joint venture. As a wholly-owned subsidiary of the Company, INTL Commodities DMCC will continue to expand its successful commodities trading activities in the region.
Scott Branch, President of the Company, stated, "We are pleased to have worked with Nilesh Ved in establishing INTL Commodities DMCC as a major player in the regional precious metals market and look forward to a continuing relationship with Lakhoo Jewellery Trading Co LLC, owned by the Ved family."
Jeffrey Rhodes, CEO of INTL Commodities DMCC, stated, "Becoming a wholly-owned subsidiary of International Assets Holding Corporation provides us with a strong foundation for continued growth and further expansion in the Middle East, Turkey and the Asian sub-continent."
INTL Commodities DMCC was previously consolidated into the Company's financial statements and the acquisition is not expected to have an immediate material impact.
About International Assets Holding Corporation (Nasdaq:IAAC)
International Assets Holding Corporation and its subsidiaries (the 'Company') form a financial services group focused on select international securities, foreign exchange and commodities markets. We commit our capital and expertise to market-making and trading of international financial instruments, currencies and commodities. The Company's activities are currently divided into five functional areas -- international equities market-making, foreign exchange trading, commodities trading, international debt capital markets and asset management. Additional information regarding the Company is available on the Company's website at www.intlassets.com.
The International Assets Holding Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5024
Forward-Looking Statements
Certain statements in this document may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including adverse changes in economic, political and market conditions, losses from the Company's market-making and trading activities arising from counterparty failures and changes in market conditions, the possible loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of federal and state securities laws and the impact of changes in technology in the securities and commodities brokerage industries. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reasonable assumptions, there can be no assurances that the actual results, performance or achievement of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.