Overlord financial inc. Announces management changes

CALGARY, January 17, 2006 - The Board of Directors of Overlord Financial Inc. (the "Corporation") announces management changes effective January 17, 2006 following the passing of Mr. Marcel Tremblay.

The Board of Directors announces the addition of Mr. Eric Tremblay to the Board of Directors effective January 17, 2006. Mr. Tremblay resides in Calgary and is the Senior Vice President, Capital Markets of Enerplus Resources. He joined Enerplus in 1993 as Manager, Corporate Development and advanced to Senior Vice President. Mr. Tremblay graduated in 1988 from Ryerson University in Toronto with a Bachelor of Engineering degree in Aerospace Engineering and pursued a career as a structural design engineer in the North American aerospace industry and has held positions with British Petroleum, Canadair (a subsidiary of Bombardier Inc.) and the Boeing Airplane Company prior to joining Enerplus. Concurrent with his appointment Mr. Tremblay was granted 100,000 stock options at market.

In addition, Mr. Jean-Guy Lambert, MBA, was appointed Chairman of the Board of Directors of the Corporation. Mr. Lambert is Chairman, President and Chief Executive Officer of Dacha Capital Inc., a merchant bank based in Montreal. From 1993 to 1996 he was President and Chief Executive Officer of Intermont Inc., an oil and gas corporation. From 1991 to 1993, he was financial advisor to Hydro-Québec and prior to 1991, he acted as Vice-President and Portfolio Manager, Pension Funds Investments, for a number of large financial institutions. He has listed a number of private companies on Canadian and US Exchanges through IPO or RTO. He serves on the Board of several public companies. For a number of years Mr. Lambert was an active board member of the Enerplus Group of Companies and a valued colleague of Overlord's former founder and Chairman Marcel Tremblay.

The Board of Directors also announces the appointment of Mr. Claude Blanchet as President and Chief Executive Officer of the Corporation effective January 1, 2006. Mr. Blanchet was Chairman of the Board and Chief Executive Officer of the Société générale de financement du Québec. He also was founder, President and Chief Executive Officer of the Fonds de solidarité des travailleurs du Québec (FTQ). Mr. Blanchet has an MBA and is well known in Québec, Canada and the European business community. He has been a member of many public and private boards of directors including Saputo, Cascade, Domtar and others. Concurrent with his appointment Mr. Blanchet was granted 200,000 stock options at market.

Mr. Blanchet will Chair a Committee of Senior Management to include officers Kirk Purdy, C. Dir., MBA, P.Eng., Executive Vice President of the Corporation and President of subsidiary companies, Juno Canada Holdings Ltd. and Sword Management Inc., and Larry Titley, C.A., Vice President and Chief Financial Officer of the Corporation and Treasurer of a number of subsidiaries of the Corporation.

Overlord Financial Inc. is a Canadian specialty fund manager focused on providing all classes of investors in Canada and throughout the world with a new generation of investment vehicles offering superior rates of return, preservation of capital, liquidity, and capital appreciation.

For further information regarding this press release or the company, please visit our website at www.overlordfinancial.com or contact:

Claude Blanchet
President and CEO
Overlord Financial Inc.
(403) 770-4817

Larry Titley
Vice President and CFO
Overlord Financial Inc.
(403) 770-480

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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