Galt Financial consumates reverse acquisition of NASD member; Changes name to Capital Growth Holdings

Business Wire, March 17, 1997

GREENWICH, Conn.--(BUSINESS WIRE)--March 17, 1997--Galt Financial Corp., a publicly held Colorado Corp., announced today that it changed its name to Capital Growth Holdings, Ltd., effected a 60 for 1 reverse split of its outstanding capital stock and acquired 100% of the outstanding capital stock of International Capital Growth, Ltd., a member of the National Association of Securities Dealers, Inc., in a share exchange transaction.

As a result of the share exchange, the former stockholders of International Capital Growth, Ltd, own approximately 98% of the outstanding capital stock of Capital Growth Holdings, Ltd. In addition, the officers and directors of International Capital Growth, Ltd. have been elected to replace the resigning officers and directors of Galt Financial Corp.

The company has applied for listing under the symbol "CGHS" on the OTC Bulletin Board.

The new board of directors led by chairman Ronald B. Koenig, former chairman of Ladenburg Thalmann & Co., Inc., also includes Stanley Hollander, Alan L. Jacobs, Emanuel Arbib, John D. Booth and N. Bulent Gultekin.

Koenig stated "Becoming a public company provides Capital Growth Holdings, Ltd. with access to the capital markets, liquidity for its shareholders and a publicly traded security with which it can acquire other financial services companies thereby facilitating management's expansion plan of commencing operations in money management and securities brokerage." Koenig also stated that "Management also intends to further develop the investment and merchant banking activities of International Capital Growth, Ltd."

Capital Growth Holdings, Ltd. is developing a diversified financial services company which is identifying business opportunities in the United States and the United Kingdom. International Capital Growth, Ltd. is an investment banking firm specializing in raising capital from global financial markets for companies with significant opportunities for growth.

CONTACT: Michael S. Jacobs, 203/861-7750