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Matt Simpson Appointed President & CEO of Forbes & Manhattan, Inc.

TORONTO, ONTARIO -- (Marketwired) -- 09/02/14 -- Forbes & Manhattan, Inc. ("Forbes & Manhattan"), a leading global private merchant bank, is pleased to announce that Matt Simpson has been appointed President & Chief Executive Officer. The newly created role reflects the continued expansion and breadth of Forbes & Manhattan's core asset acquisition and development activities across the globe. Mr. Simpson will be based in Toronto and work closely with Chairman Stan Bharti, executive committee and senior leaders of its portfolio companies.

"As Forbes & Manhattan continues to expand its footprint and develop new business outside of resources, it is important that we maintain our centre of strength already established in our global resources franchise," commented Stan Bharti, Founder and Executive Chairman of Forbes & Manhattan. "Matt's diverse experience in mine evaluation, development and operations will ensure we continue to drive forward and unlock the tremendous value in our resources portfolio. I look forward to working more closely with Matt in this new CEO role."

Matt Simpson is a Professional Engineer who has built a strong track record ranging from mineral exploration, development, construction and production. In 2010, he co-founded Black Iron Inc., an iron ore exploration and development company in Ukraine that has raised US$90M to date to develop its world class iron ore project. Mr. Simpson continues to lead Black Iron as CEO and has played an instrumental role in the project acquisition, evaluation, engineering development and financing strategies. Prior to this, from 2002 to 2010, Mr. Simpson worked for the Iron Ore Company of Canada ("IOC"), a subsidiary of Rio Tinto plc and Mitsubishi Corporation. At IOC, Mr. Simpson held several progressive roles in Business Evaluation, Operations Planning, Continuous Improvement and for the last three years as the Mine General Manager where he was accountable for all of the operations, maintenance and engineering personnel in the mine. Prior to joining IOC, Mr. Simpson worked as a process engineer for Hatch Ltd. designing and constructing metallurgical refineries around the world. Mr. Simpson holds a Master of Business Administration, as well as a Bachelor of Science in Chemical Engineering, both from Queen's University.

"Forbes & Manhattan has assembled an outstanding portfolio of resource-based assets across the globe all with unique opportunities to deliver significant shareholder value," said Matt Simpson. "Advancing these unique assets, while strengthening our brand and reach, will be my highest priorities as CEO. I am excited by the next phase of growth at Forbes & Manhattan and to unlock significant value in our portfolio."

About Forbes & Manhattan, Inc.

A global merchant bank and leader in the resource sectors, Forbes & Manhattan incubates, finances and manages junior companies and creates shareholder value by combining world-class assets with top-notch management, access to capital and investor and marketing support. Please visit Forbes & Manhattan's website at www.forbesmanhattan.com or write us at [email protected] for more information.

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