Press release from CNW Group
Sprott Group of Companies Reaches $10 Billion in Assets Under Management
Wednesday, July 20, 2011
Sprott Group of Companies Reaches $10 Billion in Assets Under Management07:28 EDT Wednesday, July 20, 2011TORONTO, July 20, 2011 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott") is pleased to announce that the total assets under management ("AUM") of the Sprott Group of Companies now exceed $10 billion."We are proud to have reached this milestone in the growth of our organization," said Eric Sprott, Chairman of Sprott. "We thank our loyal clients for their support. Our company was built on a commitment to delivering them superior long-term investment performance and we will continue to focus on growing and protecting their wealth.""On behalf of our entire organization, I would like to thank our employees, the financial advisor community, and our shareholders that have helped us build our franchise. We intend to continue to invest in our platform, our best-in-class investment managers and innovative products as we grow to become a global alternative asset manager," said Peter Grosskopf, CEO of Sprott.Non-GAAP Financial MeasuresThis press release includes financial terms (including Assets Under Management) that the Company utilizes to assess the financial performance of its business that are not measures recognized under Canadian generally accepted accounting principles ("GAAP"). These non-GAAP measures should not be considered alternatives to performance measures determined in accordance with GAAP and may not be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-GAAP measures, including the calculation of these measures, please refer to the "Non-GAAP Financial Measures" section of the Company's Management's Discussion and Analysis and its financial statements available on the Company's website at www.sprottinc.com and on SEDAR at www.sedar.com.Forward-Looking StatementsThis release may contain "forward-looking statements" which reflect the current expectations of the Company. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, those listed under the heading "Risk Factors" in the Company's annual information form dated March 22, 2011. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. These forward-looking statements are made as of the date of this release and the Company does not assume any obligation to update or revise them to reflect new events or circumstancesAbout Sprott Inc.Sprott Inc. is a leading independent asset manager dedicated to achieving superior returns for its clients over the long term. The Company currently operates through four business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, and Sprott U.S. Holdings Inc. Sprott Asset Management is the investment manager of the Sprott family of mutual funds and hedge funds and discretionary managed accounts; Sprott Private Wealth provides wealth management services to high net worth individuals; and Sprott Consulting provides management, administrative and consulting services to other companies, including Sprott Resource Corp. (TSX: SCP), Sprott Resource Lending Corp. (TSX: SIL) (NYSE AMEX: SILU) and Sprott Power Corp. (TSX: SPZ). Sprott U.S. Holdings Inc. includes Global Resource Investments Ltd, Terra Resource Investment Management Inc., and Resource Capital Investments Inc. Sprott Inc. is headquartered in Toronto, Canada, and is listed on the Toronto Stock Exchange under the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.For further information: Investor contact information: (416) 203-2310 or 1 (877) 403-2310 or firstname.lastname@example.org.