TORONTO, July 18 /CNW/ - Jovian Capital Corporation ("Jovian") (JOV: TSX)
is pleased to announce that its wholly-owned subsidiary Rice Financial Group
Inc. ("RFG") has entered into a binding letter of intent with First Nations
Financial Services Inc. ("FNFS"), a wholly-owned subsidiary of Tribal Councils
Investment Group of Manitoba Ltd. ("TCIG"), to partner with FNFS on a joint
venture to provide sales and servicing of group benefits and insurance
products to First Nations and non-First Nations groups. RFG and FNFS will be
equal partners in a new company to be formed and which is expected to commence
operations by the fall, subject to receipt of all necessary approvals.
TCIG is owned in equal parts by the seven Tribal Councils in Manitoba,
representing 55 First Nations and over 100,000 people. The mandate of TCIG is
to act as the investment arm of its Tribal Council Shareholders combining the
investment capacity of the Individual Tribal Councils.
"We are very excited to partner with a dynamic and creative investment
organization such as Tribal Councils Investment Group," said Dave Velanoff,
President and Chief Executive Officer of RFG. "We have a long-standing
relationship with our First Nations clients and we feel that this partnership
with such a respected member of the Manitoba business community, and one with
such strong ties to the First Nations community, will allow us to enhance our
services and expand our First Nations client base."
"We are very pleased to have the opportunity to team with an organization
with the track record and resources of Rice Financial and Jovian Capital,"
said Allan McLeod, President and Chief Executive Officer of TCIG. "We are
proud of what we have built here at Tribal Councils Investment Group and we
believe that this venture will provide us with a platform through which to
grow our investments in the financial services industry."
About Tribal Councils Investment Group (www.tcig.biz)
TCIG's holdings include principal wholly-owned subsidiaries Arctic
Beverages Limited, which operates a very successful Pepsi Franchise in
Manitoba and Northwestern Ontario, and First Canadian Health Management
Corporation, which operates an equally successful high-tech Canada-wide
uninsured claims processing system for Health Canada. In addition, investments
include corporations that operate in real estate, hotels, fuels, pharmacies,
banking, trucking, water and infrastructure and food distribution.
About Rice Financial Group Inc. (www.ricefinancial.com)
Rice Financial is a community-based organization committed to helping
Canadian investors of all levels achieve financial security and peace of mind
at every stage of their lives by providing convenient and flexible financial
solutions that respond to each client's individual needs. A vast network of
branch and associate offices stretches from the B.C. coast to the
Ontario/Quebec border, serving more than 85,000 clients and administering
assets in excess of $4.0 billion.
About Jovian Capital Corporation (www.joviancapital.com)
Jovian acquires, creates and grows financial services companies
specializing in wealth and asset management. The Jovian group of companies
(MGI Securities Inc., MGI Securities (USA) Inc., Rice Financial Group Inc.,
BetaPro Management Inc., Horizons Funds Inc., JovFunds Management Inc.,
JovFunds Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc.,
T.E. Wealth and Felcom Data Services Inc.) manages $15.0 billion of client
assets ($5.8 billion in assets under management and $9.2 billion in assets
under administration). Additional information is available at
www.joviancapital.com and www.sedar.com
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; Mark Arthur, President, Jovian Capital
Corporation, (416) 933-5754