Jovian Acquires Control of Pescara Partners Inc.

Date: Friday, July 23, 2004

Jovian Capital Corporation ("Jovian") (JVN: TSX-V) is pleased to announce that, further to its announcement of April 1, 2004, it has today closed the acquisition of 50% of the issued and outstanding shares of Pescara Partners Inc. ("Pescara"), a company that manages both a domestic and an offshore fund of funds. The Pescara shares were acquired for consideration consisting of cash plus the issuance of Jovian common shares. Jovian also holds a 50% interest in RJS Global Investments Inc., which holds the remaining 50% of Pescara's shares. Pescara was established to create and offer innovative alternative investment products, through the financial advisory community. The Pescara Fund of Funds (the "Fund"), Pescara's domestic fund of funds, was Canada's top performing Canadian dollar fund of funds for 2003. Jovian President & CEO Philip Armstrong says, "Pescara is very well situated to take advantage of the growing demand for fund of fund products in the hedge fund sector, particularly among high net worth investors. The Fund has seen incredible growth over the last year, and we look forward to that continuing." About Jovian Capital Corporation Jovian is a publicly-traded company listed on the TSX Venture Exchange (JVN). Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth(*) and asset(xx) management. The Jovian group of companies operates as a national financial services organization with over 75 locations and more than $6.5 billion of client assets. (*) Wealth management entities include Gibraltar Alternative Asset Consulting Group Inc., Independent Hedge Inc., McFarlane Gordon Inc., Rice Financial Group Inc. and T.E. Financial Consultants Ltd. (xx) Asset management entities include Accumulus Management Ltd., Felcom Management Corp., Jovian Asset Management Inc., Leon Frazer & Associates Inc., Pescara Partners Inc., RJS Global Investments Inc., T.E. Investment Counsel Inc. Financial corporate service entities include Felcom Data Services Inc.