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Magnolia Capital Partners Announces Acquisition of Ordinary Shares of Atlas Financial Holdings Inc.

TULSA, OKLAHOMA -- (Marketwired) -- 05/23/14 -- Magnolia Capital Partners, LLC ("Magnolia") announced that it has participated in the underwritten public offering of ordinary shares ("Ordinary Shares") of Atlas Financial Holdings Inc. ("Atlas") and acquired 500,000 Ordinary Shares at a price of US$12.50 per share (the "Acquisition").

Prior to the Acquisition, Magnolia already owned 857,904 Ordinary Shares. Immediately following the Acquisition, Magnolia beneficially owned 1,357,904 Ordinary Shares, representing approximately 11.83% of Atlas' 11,477,723 issued and outstanding Ordinary Shares. Atlas has granted the underwriters an option to purchase up to an additional 300,000 ordinary shares within 30 days of the prospectus supplement filed May 21, 2014. If the underwriters' over-allotment option is exercised in full, the number of ordinary shares outstanding will be increased to 11,777,723.

Nadel and Gussman Combined Funds, LLC is the sole member of Magnolia and a joint actor of Magnolia in the circumstances. Ellbar Partners Management, LLC ("EPMgmt") serves as the sole manager to Magnolia, with Mr. James F. Adelson ("Adelson") and Mr. Stephen J. Heyman ("Heyman") serving as the sole managers to EPMgmt, and will in such capacity exercise control and direction over the 1,357,904 Ordinary Shares beneficially owned by Magnolia. EPMgmt, Adelson and Heyman are also joint actors of Magnolia in the circumstances.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR ( containing additional information with respect to the foregoing matters.

The Ordinary Shares were acquired by Magnolia for investment purposes. Magnolia's holdings will be reviewed from time to time by Messrs. Adelson and Heyman and may be increased or decreased as future circumstances may dictate.

Magnolia Capital Partners, LLC
Adam Peterson
Portfolio Manager
(918) 583-3333

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