IPC Financial Network Inc. and Dundee Wealth Management Inc. said Friday that the acquisition of IPC by Dundee Wealth will not be completed by April 4, as had previously been contemplated.

As announced on March 24, closing of the transaction remains subject to the satisfaction or waiver of certain conditions, including the condition that Dundee Wealth be satisfied with the status of certain regulatory approvals and certain other matters in respect of IPC’s Montreal office. Certain of these conditions have not yet been satisfied or waived.

IPC and Dundee Wealth continue to work together to complete the transaction but cannot currently predict when or if these conditions will be satisfied or waived.

The merger agreement pursuant to which the acquisition is to be completed provides that it may be terminated by either party if the acquisition has not been completed by April 25, 2003.

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