People Corporation Announces Acquisition of Life Benefit Solutions
Establishes People Corporation as a Leading Provider of Employee Benefits and Retirement Solutions in the First Nation Market Segment
WINNIPEG, Manitoba, Feb. 14, 2019 (GLOBE NEWSWIRE) — People Corporation (TSX-V: PEO) (the “Company”) announced today the acquisition of Life Benefit Solutions Inc. (“Life Inc.”), a leading employee group benefits and retirement solutions consulting firm primarily focused on the First Nation market segment (the “Transaction”). The terms of the Transaction have not been disclosed.
Based in Winnipeg, Manitoba, Life Inc. was founded in 2005, and over the past 14 years has developed a highly differentiated employee benefits and retirement solution offering focused on First Nation communities and organizations. Life Inc. provides uniquely structured programs and an exceptional level of client service, enabled by a team of 16 dedicated employees. Life Inc.’s principals, Mev Pavagadhi, Kelli Hudon and Joel Gagnon, will continue to run the operations as part of the People Corporation group of companies, and their highly-talented and dedicated team will continue to provide a highly differentiated level of advice and service to its clients.
“As we thought about the future of our business, it was very important for us to join with an organization that values our unique consulting approach and service philosophy,” commented Mev Pavagadhi, one of Life Inc.’s founders. Mr. Pavagadhi continued, “Our client-focused service model will continue to be a hallmark of our business, and now we will be able to offer additional products and services, by partnering with a national organization with a broad range of benefits, pension and human resource consulting solutions. Kelli, Joel and I, and our whole team, are very excited to be joining People Corporation.”
“Life Inc. is an outstanding business that has established a leading position in the large, growing and important First Nation market segment,” commented Mr. Laurie Goldberg, Chairman and CEO of People Corporation. “For People Corporation, this partnership establishes a meaningful entry point into this market from which to continue to build. We are fortunate to partner with an organization like Life Inc., and are very excited to have Mev, Kelli and Joel, and the entire Life Inc. team, join the People Corporation family.”
The purchase price for the Transaction involved cash payments as well as the issuance of a nominal amount of People Corporation common shares at closing.
About People Corporation
People Corporation is a leading national provider of group benefits, group retirement and human resource services with over 800 employees servicing over 8,000 clients of all sizes from start-up stage to enterprise. The Company has offices across Canada, each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V. Managing approximately $2 billion in annual premiums and administering $10 billion in pension assets, our industry experts provide uniquely valuable insight while customizing our innovative suite of services to the specific needs of our clients. Whatever your sector, whatever your scale, putting our expertise and proven track record to work will make a difference to your people and your bottom line.
Further information is available at www.peoplecorporation.com.
This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, “intends”, “likely”, or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company’s publicly filed documents (available on SEDAR at www.sedar.com). Those risks and uncertainties include the performance of the business acquired pursuant to the Transaction, the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes 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.
Investor Relations Inquiries:
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.