Groupworks Financial Corp.

Groupworks Financial Corp.

December 14, 2007 11:02 ET

Groupworks Issues Shares to Satisfy Vendor Take-Back Debt on Buffett Taylor Acquisition

MARKHAM, ONTARIO--(Marketwire - Dec. 14, 2007) - Groupworks Financial Corp. (TSX VENTURE:GWC) ("Groupworks" or the "Company") today issued 100,776 common shares valued at $0.51 per share in part to settle the first year vendor take-back debt payment related to the adjusted purchase price for Buffett Taylor & Associates Insurance Agencies Inc., acquired in September 2006. Pursuant to the purchase and sale agreement, the Company exercised its option to issue shares in partial settlement of the debt, representing approximately 10% of the first year payment. The Company satisfied the other 90% of the first year payment with cash. In compliance with applicable securities legislation, the issues shares are restricted and cannot be traded, sold or transferred for a period of four months.

Groupworks is a consolidator of independent benefits and pension operations, consisting of a highly experienced and capable management team that has a demonstrated track record of success.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Groupworks Financial Corp.
    Chris MacIntyre
    Business Development and Investor Relations
    (905) 470-6588 ext. 211
    (905) 470-6723 (FAX)