Assante Corp. is reporting that coincident with the anniversary of the firm’s initial public offering and in accordance with the shareholder escrow agreement, CIBC Mellon Trust will today release from escrow 10% of the shareholdings in Assante that are subject to the escrow agreement. As a result, 5.7 million subordinate voting shares will be released from escrow.

As provided in the escrow agreement, a further 10% of the shareholdings are to be released on May 28 in each of the years 2002 and 2003 and the balance released on May 28, 2004, for a total of 39.9 million shares.

Prior to Assante’s initial public offering in May 1999, the shareholders of the company adopted a special resolution to provide a five-year escrow on existing shareholders. The purpose of the escrow agreement is to demonstrate to the market the continuing commitment of these shareholders, a significant portion of whom are actively involved in the business of Assante.