NEW YORK, Oct. 4, 2010 (GLOBE NEWSWIRE) -- International Assets Holding Corporation ("INTL") (Nasdaq:IAAC) today announced that it has acquired 100 percent of the ownership interests in Hencorp Becstone Futures, L.C. ("Hencorp Futures"), the futures operation of Miami-based Hencorp Group. Hencorp Futures specializes in the development and execution of risk-management programs designed to hedge price volatility in a number of widely traded commodities, including coffee, sugar, cocoa, grains and energy products.
The transaction, which closed on October 1, 2010, will enable INTL and its wholly-owned subsidiary FCStone Group to round out its portfolio of commodity risk management services to include a more robust capability in soft commodities, especially coffee, where Hencorp Futures has established a substantial presence and reputation globally, and especially in Central and South America.
Hencorp Futures, which will change its name to INTL Hencorp Futures, will be led by Oscar Schaps, who will be its Managing Director.
"We regard this acquisition as an exceptional opportunity to enhance our presence in Central and South America," commented Pete Anderson, President of INTL. "In addition, Hencorp Futures' expertise in the coffee industry allows us to fill in the last remaining gap in our portfolio of physical commodity risk management advisory and execution services."
Oscar Schaps commented, "We see this combination as a wonderful opportunity to help INTL grow its capabilities in several areas where we can offer our expertise while, at the same time, taking advantage of INTL and FCStone's own expertise in OTC and structured products and in a host of other commodities."
Raul Henriquez, CEO of Hencorp Group, sees this development as "a logical evolution for Hencorp Group's futures division, where INTL's strategic focus and financial resources will serve to optimize the potential of Hencorp Futures' well established client network and management team."
About International Assets Holding Corporation
International Assets Holding Corporation (INTL) provides execution and advisory services in commodities, currencies and international securities. INTL's businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 10,000 commercial customers in more than 100 countries through a network of offices in eleven countries around the world. Further information on INTL is available at www.intlassets.com.
Forward Looking Statements
This press release includes forward-looking statements including statements regarding the combined company. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to International Assets Holding Corporation, are intended to identify forward-looking statements.
These forward-looking statements are based largely on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the combined company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by International Assets with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. International Assets undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.