Groupworks Financial Corp.
TSX VENTURE : GWC

Groupworks Financial Corp.

July 25, 2011 09:00 ET

Groupworks Financial Corp. Expands Its Quebec Presence by Way of Acquisition and Expanded Leadership

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 25, 2011) - Groupworks Financial Corp. ("Groupworks" or the "Company") (TSX VENTURE:GWC) announces that it has completed two significant milestones towards expanding its operations in the province of Quebec.

Mr. Michel Desbiens has joined the Company to lead the Quebec operations in the capacity of Regional Vice-President for Quebec. In this new role, Mr. Desbiens will have overall leadership responsibility for Quebec including client service delivery, market expansion and strategic partner relations.

Mr. Desbiens has considerable experience in the insurance industry in sales and leadership roles, in both product marketing and multi-channel distribution. Most recently, Mr. Desbiens worked in a senior national role with Investors Group as Assistant Vice-President, Insurance Manager Network. Prior to that, he held several progressive senior positions at Great-West Life including National Manager, Living Benefits Distribution, Regional Marketing Manager for Quebec, and Group Representative in the Montreal Regional Office. He holds a Bachelor of Commerce degree from the University of Ottawa.

His knowledge of the Quebec Marketplace, group industry supplier relationships, and his significant contacts within the Quebec advisor community will be instrumental in helping us to continue to build the Quebec presence for Groupworks.

The Company also announces that it has acquired Les Assurance W.B. Inc., previously owned by Ms. Patricia Kirouac, effective May 1, 2011 by acquiring all of the outstanding common shares and by the assumption of debt. Les Assurance W.B Inc. is a Quebec City based group benefits and individual insurance advisory company. This acquisition expands the Company's presence in Quebec and will allow the Company to continue to capitalize on its strong client service and operating model.

"Ms. Kirouac has built a successful benefits and individual insurance practice that is well recognized for its strong client service model and unique focus on tailoring benefits plans for its clients. Mr. Pierre Sequin, who has been a key driver in growing our Montreal office worked closely with Ms. Kirouac as an associate broker and was instrumental in bringing Ms. Kirouac into the Groupworks family. The closing of this acquisition together with the addition of Mr. Desbiens, proves the Company's ability to attract amongst the best talent in the country", said Ms. Bonnie Chwartacki, Executive Vice President of Groupworks. "Quebec is the second largest employment centre in Canada and is an important strategic market for Groupworks. We are pleased with our progress towards growing our Quebec presence and believe the achievement of these two milestones will lead to increased growth and momentum, further enhancing our ability to provide HR, benefit and individual insurance advisory services to clients on a national scale."

About Groupworks Financial Corp.

Groupworks Financial Corp. is a leading employee benefits and pension consulting firm in Canada. With a growing national footprint and fourteen offices across seven provinces, Groupworks is bringing together the leading advisors in the industry, offering innovative and customized HR, benefit and pension solutions to its clients. Additional corporate information is available at www.groupworkscorp.com.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws, such as information concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as "may", "will", "expect", "believe", or other words of similar effect may indicate forward-looking information including the completion of the transaction, the impact of that transaction on our earnings and cash flow, and the anticipated benefits of the transaction. This information is not a guarantee of future performance and is subject to numerous risks and uncertainties, including those described in our publicly filed documents (which are available on SEDAR at www.sedar.com). Those risks and uncertainties include: our ability to maintain profitability and manage growth; strong competition from other advisors and changes in the current legislation could result in significant competition from the banking industry; failure of information systems and technology; dependence on key clients; seasonality of revenues and the resulting possible impairment on working capital; reliance on key professionals; additional financing may be required and may not be available under terms favourable to us; there can be no assurance that any suitable future acquisition will be available to us or that, if available, the terms of the acquisition will be favourable to us; and a change in general economic conditions. Many of these risks and uncertainties can affect our actual results and could cause our actual results to differ materially from those expressed or implied in any forward-looking information made by us or on our behalf. Given these risks and uncertainties, investors should not place undue reliance on forward looking information as a prediction of actual results. All forward-looking information in this news release is qualified by these cautionary statements. This information is made as of the date of this news release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward looking information, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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