Concurrent with the closing of the transaction, Terra Nova Financial Group, Inc. is changing its name to TNFG Corporation as approved by the company's shareholders at a special meeting held on September 15, 2010.

The acquisition brings the total Lightspeed client base to more than 7,500 active traders executing an average of over 220 million equity shares per day with total client assets exceeding $1.35 billion.

As previously announced, the purchase price of $27.6 million consists of an initial cash payment of $22.6 million and a $5.0 million promissory note bearing interest at a rate of 8% and due within six months of closing or the earlier release of clearing deposits held by Terra Nova's clearing organizations.

Stephen Ehrlich, Chief Executive Officer, Lightspeed Financial, Inc., said, "Bringing the Terra Nova client base under the Lightspeed Financial umbrella furthers our pursuit to unify this fragmented active trading segment of the market, which is still peppered with too many brokers that either don't have the resources or lack the commitment to deliver the professional-grade level of service and client support that individuals need to help them trade with success in today's challenging markets."

Ehrlich added, "In addition to increasing our share of the market, this acquisition really puts Lightspeed in the pole position to deliver our proven trading tools and technology, superior customer service and competitive pricing to an even greater number of individuals who trade for a living or trade to supplement their income. We've worked hard to have assumed the role as the active trading industry's consolidator of choice, which is a testament to our proven ability to seamlessly and swiftly integrate clients into our trading infrastructure and environment after an acquisition. As a result, more and more retail-focused firms looking to exit the equity and derivatives spaces are taking notice of our efforts here. We are always open to discussions about possible future combinations where it makes strategic sense for our business and our clients."

Lightspeed has completed five successful transactions in the active trading industry since its inception over four years ago and three this year alone. Past transactions include the acquisitions of retail trading firms Schonfeld & Company, LLC, Integrity Trading Inc, NobleTrading, and a deal this past June that gave Lightspeed the exclusive license for the Anvil trading software, which was previously available through Assent LLC.