Rice Capital Management Plus Inc. said Friday that its wholly owned subsidiary Jovian Asset Management Inc. has entered into a binding letter of intent to acquire Accumulus Investment Management Inc., the manager of the Accumulus North American Index Momentum RSP Fund.

Rice will pay $50,010 or all of the issued and outstanding common shares and certain loans made to Acumulus , in the aggregate, along with options to purchase up to 60,000 common shares of Rice, at prices of 80ยข to $1.30 per share, exercisable on or before July 8, 2007.

The deal is subject to due diligence, and approval by the board of directors of Rice, with closing expected on or about September 30.

“This transaction is another continuing step toward building a management and holding company that invests in companies with diversified skills in wealth and asset management,” Philip Armstrong, Rice’s president and CEO, said in a news release.

The Rice Capital group of companies operates as a national financial services organization with over 75 locations and more than $4 billion of assets under administration.