TORONTO, March 6 /CNW/ - Jovian Capital Corporation ("Jovian") (JOV: TSX)
announces that its wholly-owned subsidiary Rice Financial Group Inc. ("RFGI")
has acquired 80% of Harry James Financial Services Ltd. ("Harry James
Financial"), a financial advisory firm in Markham, Ontario. The total purchase
price was $2.8 million, paid in a combination of cash, debt and common shares
of Jovian. The parties have also entered into an agreement for RFGI to
purchase the remaining 20% of Harry James Financial in five years.
Using a team of award-winning, salaried advisors, Harry James Financial
provides independent and comprehensive evaluations and recommendations on all
aspects of its clients' financial lives. The firm was founded by Harry James
nearly 20 years ago and has experienced impressive growth in client assets
"This transaction will strengthen Rice Financial's presence in Ontario,
which is certainly one of our key strategies," said Dave Velanoff, RFGI's
President and CEO. "We are excited about partnering with one of Canada's
premier financial advisory boutiques, and we feel that the business model that
has been successfully employed at Harry James Financial can be applied to some
of Rice Financial's existing branches," he added.
Harry James had this to say: "We are very pleased to be joining an
organization with the track record and resources of Rice Financial and Jovian
Capital. We are proud of what we have built here at Harry James Financial, and
we look forward to working with our new partners and continuing to provide our
clients with superior advice and service."
About Jovian Capital Corporation
Jovian is a publicly-traded company listed on the TSX (JOV). Jovian is a
management and holding company with interests in a variety of financial
service firms specializing in wealth(*) and asset(xx) management. The Jovian
group of companies operates as a national financial services organization with
approximately $14.6 billion of client assets ($5.4 billion in assets under
management and $9.2 billion in assets under administration).
(*)Wealth management entities include MGI Securities Inc., MGI Securities
(USA) Inc. and Rice Financial Group Inc. (xx)Asset management entities
include BetaPro Management Inc., Horizons Funds Inc., JovFunds Management
Inc., JovFunds Inc., JovInvestment Management Inc., Leon Frazer &
Associates Inc. and T.E. Wealth. Financial corporate service entities
include Felcom Data Services Inc.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Additional information relating to Jovian is available
at www.sedar.com and www.joviancapital.com
For further information:
For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; or Mark Arthur, President, Jovian Capital
Corporation, (416) 933-5754