(July 18 – 15:10 ET) – IPC Financial Network Inc. has entered into a letter of intent with 3552888 Canada Inc. to purchase three subsidiaries operating under the banner of KPLV Financial Planning Group. KPLV Group, based in St-Laurent, Que., operates a mutual fund dealership, securities dealership and insurance agency.

The $3.5 million offer consists of 1,189,843 convertible preferred shares of IPC at a deemed price of $2.56, and a $454,000 cash payment. The preferred shares are convertible into common shares of IPC on a one-to-one basis, subject to the satisfaction of performance targets. date. Up to 300,000 shares will be available to KPLV financial planners who wish to commit their book of business to the transaction.

“KPLV Financial Planning Group represents our first step into the lucrative Quebec marketplace,” says Steve Meehan, CEO. “We have advanced into the province well ahead of our business plan timetable and we anticipate large increases in number of financial planners and assets under administration.”
-IE Staff