IPC Financial Network Inc. has entered into asset purchase agreements with nine financial planners within its financial planning network. This agreement is known as IPC’s Senior Associate Share Program (SASP).

The nine individuals involved in these transactions are Joseph Buckley, Charlie Chan, Gary Hutchinson, Mark Loutet, Michael Saxena, Tina Simpson, Gus Spiliakos, Michael Weigold and Lee Weigold.

The aggregate consideration for these agreements between IPC and these SASP participants is approximately $1 million and is payable by cash consideration of $42,750 and the issuance of 597,268 IPC common shares at a deemed share price of $1.62. The shares will be held in escrow and released in three equal one-third installments on each of the first, second and third anniversary dates of the closing.

These acquisitions are consistent with IPC’s business plan and strategy. IPC is building a diversified financial services company that focuses on the highly fragmented financial planning industry. These are arm’s length transactions and are subject to receipt of all necessary regulatory approval.