Jovian Subsidiary to Partner with Tribal Councils Investment Group
TORONTO, July 18 – Jovian Capital Corporation (“Jovian”) (JOV: TSX) is pleased to announce that its wholly-owned subsidiary Rice Financial Group Inc. (“RFG”) has entered into a binding letter of intent with First Nations Financial Services Inc. (“FNFS”), a wholly-owned subsidiary of Tribal Councils Investment Group of Manitoba Ltd. (“TCIG”), to partner with FNFS on a joint venture to provide sales and servicing of group benefits and insurance products to First Nations and non-First Nations groups. RFG and FNFS will be equal partners in a new company to be formed and which is expected to commence operations by the fall, subject to receipt of all necessary approvals.TCIG is owned in equal parts by the seven Tribal Councils in Manitoba, representing 55 First Nations and over 100,000 people. The mandate of TCIG is to act as the investment arm of its Tribal Council Shareholders combining the investment capacity of the Individual Tribal Councils.
“We are very excited to partner with a dynamic and creative investment organization such as Tribal Councils Investment Group,” said Dave Velanoff, President and Chief Executive Officer of RFG. “We have a long-standing relationship with our First Nations clients and we feel that this partnership with such a respected member of the Manitoba business community, and one with such strong ties to the First Nations community, will allow us to enhance our services and expand our First Nations client base.”
“We are very pleased to have the opportunity to team with an organization with the track record and resources of Rice Financial and Jovian Capital,” said Allan McLeod, President and Chief Executive Officer of TCIG. “We are proud of what we have built here at Tribal Councils Investment Group and we believe that this venture will provide us with a platform through which to grow our investments in the financial services industry.”
About Tribal Councils Investment Group (www.tcig.biz)
TCIG’s holdings include principal wholly-owned subsidiaries Arctic Beverages Limited, which operates a very successful Pepsi Franchise in Manitoba and Northwestern Ontario, and First Canadian Health Management Corporation, which operates an equally successful high-tech Canada-wide uninsured claims processing system for Health Canada. In addition, investments include corporations that operate in real estate, hotels, fuels, pharmacies, banking, trucking, water and infrastructure and food distribution.
About Rice Financial Group Inc. (www.ricefinancial.com)
Rice Financial is a community-based organization committed to helping Canadian investors of all levels achieve financial security and peace of mind at every stage of their lives by providing convenient and flexible financial solutions that respond to each client’s individual needs. A vast network of branch and associate offices stretches from the B.C. coast to the Ontario/Quebec border, serving more than 85,000 clients and administering assets in excess of $4.0 billion.
About Jovian Capital Corporation (www.joviancapital.com)
Jovian acquires, creates and grows financial services companies specializing in wealth and asset management. The Jovian group of companies (MGI Securities Inc., MGI Securities (USA) Inc., Rice Financial Group Inc., BetaPro Management Inc., Horizons Funds Inc., JovFunds Management Inc., JovFunds Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc., T.E. Wealth and Felcom Data Services Inc.) manages $15.0 billion of client assets ($5.8 billion in assets under management and $9.2 billion in assets under administration). Additional information is available at www.joviancapital.com and www.sedar.com
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5744; Mark Arthur, President, Jovian Capital Corporation, (416) 933-5754
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