Gravitas Financial Inc. to acquire 40% of independent mutual fund dealer

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./

TORONTO, Nov. 13, 2013 /CNW/ - Gravitas Financial Inc. ("Gravitas" or the "Company"), through its wholly-owned subsidiary Gravitas Investment Services Holdings Inc., is pleased to announce that it has entered into a conditional share purchase agreement to acquire 40% of the issued and outstanding shares of Portfolio Analysts Inc., the parent company of Portfolio Strategies Corporation, a leading Canadian independent mutual fund dealer (the "Acquisition"). Gravitas will purchase the shares in cash and no financing will be required to close the Acquisition. Closing of the Acquisition remains subject to the following conditions: (i) regulatory approval, including but not limited to the approvals of the Canadian National Stock Exchange, the Ontario Securities Commission, Alberta Securities Commission, Mutual Fund Dealers Association, IIROC and other applicable regulatory bodies; (ii) Gravitas being satisfied with its due diligence; and (iii) the execution of a shareholders agreement between the parties.

ABOUT GRAVITAS FINANCIAL INC.

Gravitas is a financial services, research and analytics company providing capital market services to private and public company clients. Through its portal www.smallcappower.com, it also provides information to corporate and individual investors. Gravitas conducts its operations from its head office in Toronto, Canada. Gravitas intends to utilize the public company platform and enhanced access to capital to grow its existing business and to provide new and enhanced products to its clients.

ABOUT PORTFOLIO STRATEGIES CORPORATION

Founded in 1994 and based in Calgary, Alberta,  Portfolio Strategies Corporation is one of Canada's largest independent Mutual Fund and Exempt Market dealerships.  With over $ 2.1 billion in assets under administration and more than 270 Advisors located in offices in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, it specializes in helping Advisors help their clients with proven, common sense financial planning and investment advice. Portfolio Strategies Corporation is a member of the Mutual Fund Dealers Association and the Investment Funds Institute of Canada.

SOURCE: Gravitas Financial Inc.

For further information:

Heenan Blaikie LLP
Andrew Elbaz, Lawyer
Tel: (416) 643-6974


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890