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CALGARY, December 12, 2006 - The Board of Directors of Overlord Financial Inc. (the "Company") is pleased to announce the appointment of Mr. Ben Cheng as Director of the Company effective December 8, 2006. Mr. Cheng, who resides in Toronto, is the President of Aston Hill Financial Ltd., a wholly-owned
subsidiary of the Company.
Mr. Cheng, former Managing Director of Fortress Investment Group LLC, a premier New York based private equity and hedge fund company, managed Canada's first collateralized debt obligation product backed by a diversified portfolio of income trusts and equities. Prior to Fortress, Mr. Cheng was Vice President and Portfolio Manager for CI Funds - Signature High Income Fund, one of Canada's largest income trust and high yield funds. Mr. Cheng also co-managed the CI Signature Dividend Fund, which invested primarily in preferred equities and dividend paying common shares. Concurrent with his appointments, Mr. Cheng was granted 600,000 options of the Company at the December 7, 2006 closing market price.
Following the resignation of Mr. Blanchet, the Board of Directors also is pleased to announce the appointment of Mr. Eric Tremblay as Chief Executive Officer of the Company. Mr. Tremblay was previously acting as Executive Chairman of the Board of Directors and will continue as Chairman. Mr. Tremblay will continue to oversee the strategic planning, direction and operations of the Company.
Overlord is listed on the TSX Venture Exchange under the ticker symbol OFI. Overlord is an investment manager with expertise in the junior oil and gas sector, energy-based trusts, oil and gas property management, private equity and high-yield structured products.
For further information concerning this press release, please contact:
Eric Tremblay
Executive Chairman
Overlord Financial Inc.
(403) 770-4817
Larry Titley
Vice President and CFO
Overlord Financial Inc.
(403) 770-4808
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
