/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./
TORONTO, June 25, 2015 /CNW/ - Gravitas Financial Inc. (CSE: GFI) ("Gravitas" or the "Company"), is pleased to provide this corporate update on its overall business strategy to build shareholders' value and its recent business activities. Gravitas is a diversified financial services and capital markets company. Our vision is to build shareholders' value through focus on areas of wealth management, wealth distribution platforms, capital markets, merchant banking and an active presence in fast growing international regions such as China, India and the Middle East region. The Company plans to achieve this by operating through various operational subsidiaries. Our active operations and extensive networks in multiple international locations enable us to be well positioned for growth.
Appointment of officers
The Company is pleased to announce that Mr. Rishi Tibriwal has been appointed the Chief Financial Officer of the Company. Mr. Tibriwal will replace Ms. Isabelle Gauthier, the current Chief Financial Officer, who will continue to work with the Company in a consulting capacity. Mr. Tibriwal is an accomplished finance leader with over 20 years of experience in world leading advisory practices, including four years as a partner at Ernst & Young, Toronto and three years at TSE listed companies in executive roles. He is recognized for expertise in providing financial oversight, financial reporting, mitigating risk and managing milestone transitions including M&A, IPOs, takeovers, buyouts and financial restructurings. The Company believes that Mr. Tibriwal brings the necessary skills and business acumen to help the Company meet its growing requirements for financial management and business growth.
Mr. Vikas Ranjan, a founder of the Company, has been appointed as the President of the Company.
Gravitas has a 63.6% interest in The Mint Corporation, a publicly listed company with common shares listed on the Toronto Venture Stock Exchange (TSX: MIT-V.). Mint is a niche financial technology and services company in United Arab Emirates, one of the richest countries in the world and an attractive market in Middle East. The most significant assets of Mint are its unbanked customers, a strong local partner with a deep expertise and relationships with institutions & the government of UAE and its UAE Central Bank license to operate as a Wages Protection System Agent. It currently services in excess of 300,000 cardholders. Mint recently announced that the new payments processing platform deployment by Mint Gateway for Electronic Payment Services LLC (a United Arab Emirate company 49% owned by Mint through its wholly-owned subsidiary Mint Capital LLC) has achieved a key milestone for closed loop cards by successfully migrating the first batch of closed loop cards to the new processing platform. The Company believes that Mint has a strong opportunity to grow its user base and offer them numerous high value added services that can accelerate its revenue and earning potential. The Company is heavily involved with the operations of Mint and believes that its ownership in Mint is very strategic with a strong upside as Mint continues to advance and deliver on its business plan.
Wealth Distribution and Financial Services
Through its wholly owned subsidiary, Gravitas Financial Services Holdings Inc. ("GFSHI"), the Company is focused on acquiring ownership interests in financial products and financial product distribution businesses. The Company currently has ownership interest in various distribution channels, including its 40% ownership in Portfolio Strategies Corporation (PSC), one of Canada's largest independent Mutual Fund and Exempt Market dealerships, with over $ 2.3 billion in assets under administration and more than 250 Advisors across Canada.
Through its asset management company, the Company plans to launch niche but suitable financial products for various channels it has access to or has ownership in. The Company recently launched its 3rd Flow-Through Fund and continues to advance those efforts and plans to launch more financial products this year. As these funds establish a track record over time, the Company will aim to offer a variety of financial products suitable for different types of investors.
Gravitas Ventures Inc. (GVI)
GVI's mandate is to acquire meaningful ownership interests in fast growing companies in both public and private markets. It offers strategic guidance and access to its strong network to investee companies to accelerate their growth plans. In December 2014, GVI announced the closing of a C$ 30 million notes offering. The Notes will be used to expand its ability to enter into merchant banking transactions and related investments in suitable financial products. The Company believes that the proprietary capital will significantly enhance its ability to engage in highly lucrative merchant banking transactions. We are confident in our ability to leverage the platform to build significant shareholders' value.
New India Investment Corp.
New India Investment Corp. ("NIIC") is a special purpose vehicle created to invest directly in Indian opportunities. NIIC is a 100% subsidiary of Gravitas Financial Inc. and its focus will be to generate long-term capital appreciation by leveraging our local knowledge and global investment experience. It will seek to make investments in selective companies in India that have a talented management team dedicated to building shareholder value. The Company recently made an anchor investment in a fast growing payments solutions company in India. The longer term goal for the Company is to launch an India focused fund, which will invest in growth stage public and private companies.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas Financial Inc. is an integrated financial and advisory services firm led by proven experts in financial and capital market services. We create shareholder value through strategic acquisitions of high quality and well-managed financial and capital market services companies. Gravitas leverages the public company platform and enhanced access to capital to grow our business and to provide new and enhanced solutions to our clients.
SOURCE Gravitas Financial Inc.
For further information: Vikas Ranjan, Tel: (416) 605-7024, Email: [email protected]