IPC Financial Network Inc. confirms it has entered into a definitive agreement for the acquisition of Albanese Financial Group Inc. , a life and disability insurance brokerage based in Markham, Ont. This transaction was originally announced in a press release dated September 10, 2001.

The purchase price for AFG is approximately $2.8 million and will be fully satisfied by three cash payments over a two-year period. Sixty percent of the purchase price will be paid on closing of this transaction.

Two payments of twenty percent of the purchase price will be payable on the first and second anniversaries of the closing. Further, an earn-out provision allows for additional cash payments on the first and second anniversaries of the closing, subject to achievement of a profitability performance target.