GFC Gerova Financial Grp., Ltd.

GEROVA Financial Group, Ltd., (NYSE Amex: GFC - News), a new specialty reinsurance company, formerly Asia Special Situation Acquisition Corp., which traded under the symbol CIO, announced that effective today its ordinary shares are trading on the NYSE Amex under the symbol GFC.

GEROVA Financial Group, Ltd.’s units are now trading under the symbol GFC.U and the new symbol for the company’s warrants is GFC.WS.

About GEROVA Financial Group, Ltd.

GEROVA Financial Group, Ltd., is a specialty reinsurance company, based in St. George, Cayman Islands, established in 2010 to take advantage of opportunities arising from financial market dislocations. GEROVA underwrites insurance risks that it believes will produce favorable long-term returns on shareholder equity. GEROVA seeks to further enhance returns on equity by directly originating high-yield senior secured commercial loans to middle market companies in select industries. At the time of its January 2010 public listing, GEROVA acquired approximately $650 million in equity capital, including an existing loan portfolio at what it believes is a significant discount from its value. GEROVA believes it has opportunities to deploy shareholder capital to acquire high quality assets at less than market value and opportunities to gather additional assets by providing reinsurance capacity to primary insurers that are under writing capacity pressure.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company, the target acquisitions and the Company’s business after completion of the proposed transactions. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of the management of the Company, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the Forward-Looking Statements: (i) the Company’s ability to complete its proposed business combination with the target companies or assets within the specified time limits; (ii) officers and directors allocating their time to other businesses or potentially having conflicts of interest with the Company’s target businesses or in approving the Transaction; (iii) success in retaining or recruiting, or changes required in, the Company’s officers, key employees or directors following the transactions; (iv) the potential liquidity and trading of the Company’s public securities; (iv) the Company’s revenues and operating performance; (vi) changes in overall economic conditions; (vii) anticipated business development activities of the Company following consummation of the transactions described above; (viii) risks and costs associated with regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act of 2002); and (ix) other relevant risks detailed in the Company’s filings with the SEC and those factors that will be listed in our Proxy Statement under “Risk Factors”. The information set forth herein should be read in light of such risks. Neither the Company nor any target companies or funds we intend to acquire assumes any obligation to update the information contained in this release.

Gerova Financial Grp., Ltd. (AMEX:GFC)
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Gerova Financial Grp., Ltd. (AMEX:GFC)
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