2008-11-28

 

PI Financial Corp. Grows Business Through Deal with Gateway Securities Inc.

 

VANCOUVER, BC – PI Financial Corp. (PI) announced today that it has entered into a definitive agreement to acquire the client accounts of Gateway Securities Inc. (Gateway), a Vancouver based investment dealer specializing in servicing individual, corporate, and institutional clients. In addition to acquiring Gateway's client accounts, thirteen Gateway investment advisors who currently serve these clients will be joining PI.

Following closing, the Gateway client accounts and investment advisors will join PI’s private client services division. This transaction is part of PI’s continued strategic focus on the growth of its operations.

“This transaction reflects PI’s commitment to expanding our business, even in this challenging market environment,” said Max Meier, Chairman & CEO of PI Financial Corp. “We have been looking for acquisitions of this nature for some time and are confident that Gateway’s clients and investment advisors will both contribute to, and benefit from, being with our firm.”

David Fawkes, President and CEO of Gateway Securities Inc. said “we are pleased with the transaction we have entered into with PI. The addition of Gateway’s investment advisors and accounts to PI’s strong organization is a prudent step in providing our clients with the confidence and stability that is needed in these difficult market conditions.”

Completion of the Gateway transaction, which is expected in January, remains subject to certain conditions and regulatory approvals.


About PI Financial

PI, which has recently completed its 26th consecutive year of profitability, is a leading Western Canadian based, full-service investment dealer, providing a full range of investment products and services to over 15,000 individual, corporate and institutional investors. PI is 75% employee-owned, and 25% owned by National Bank Financial, a subsidiary of National Bank of Canada. PI has over 160 employees in its offices in Vancouver, Calgary and Victoria.

PI is one of Canada’s top investment banks for small to mid cap Canadian companies and has expertise in the resource, energy, technology, industrial, and consumer discretionary sectors

For more information, please contact:

Jean-Paul Bachellerie, President & COO
PI Financial Corp.
Tel.: (604) 664-2717

David J. Fawkes, President & CEO
Gateway Securities Inc.
Tel: (604) 844-3036