Business
Financial Gravity Executes Merger Agreement To Acquire Presidential Brokerage, Inc.
Financial Gravity Executes Merger Agreement To Acquire Presidential Brokerage, Inc..
About this update from Financial Gravity Companies, Inc.
[{"type":"text","content":"\n ALLEN, Texas and DENVER, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Financial Gravity Companies, Inc. (OTCQB:FGCO) (“Financial Gravity”) and Presidential Brokerage, Inc. (“Presidential”), a full service brokerage and wealth management firm, have entered into a definitive agreement under which Financial Gravity will acquire Presidential in an all-stock transaction.  Under the terms of the agreement, which has been unanimously approved by the Board of Directors at both firms, existing Financial Gravity shareholders will have a 50% ownership stake in the combined company, and existing Presidential shareholders will have a 50% ownership stake in the combined company on a fully diluted basis. Synergies will come from the increased scale of the combined organizations, the sharing of best practices, the increase in ideas, financial innovation, organic growth, and cost reduction. Scott Winters, CEO and Co-Chairman of the Board at Financial Gravity, said, “By bringing together these two symbiotic companies, we are creating a strong platform for the distribution of financial innovation, wealth management, and insurance services. It is our goal to build a nationwide network of financial advisor representatives. Our combined brands and business mean increased scale and synergies that will help us capture market share. We have the utmost respect for the Presidential team and look forward to working together as we integrate the two companies.” Tony Campen, CEO of Presidential, said, “We are very much looking forward to the combined strength, leadership and business proposition that Financial Gravity brings to the table.” Management and GovernanceWhen the transaction closes, Scott Winters will continue to serve as CEO and Co-Chairman of the Board of Financial Gravity and, in addition, Scott will take on the role of Executive Director at Presidential. Any additions to the executive team for the combined company will be announced during the transition period, but no later than transaction closing. Long-Term OwnershipFinancial Gravity and its principals have a proven track record of scaling and growing successful firms. The current goal is to build significant shareholder value by driving financial innovation and serving the expanding needs of independent financial advisors. Presidential Brokerage ha...