TORONTO, March 23, 2015 /CNW/ – Smoothwater Capital Corporation (Smoothwater Capital) announced today that it has acquired an additional 215,695 common shares of Equity Financial Holdings Inc. (Equity) (EQI:TSX), representing approximately 2.26% of the issued and outstanding common shares of Equity. Smoothwater Capital now holds an aggregate of 1,800,430 common shares of Equity, being approximately 18.90% of the issued and outstanding common shares.

Stephen J. Griggs, the Chief Executive Officer and a director of Smoothwater Capital and a director and the Chair of the Board of Equity, may be considered to be a “joint actor” with Smoothwater Capital. Mr. Griggs exercises control over and has an ownership interest in Underwood Capital Partners Inc. (“Underwood”). Underwood owns and exercises control of 36,137 common shares of Equity, representing approximately 0.38% of the common shares of Equity. Mr. Griggs is the beneficial owner of 552 common shares of Equity pursuant to the employee share purchase plan of Equity, representing approximately 0.0058% of the common shares of Equity. Accordingly, Mr. Griggs exercises control and direction over 36,689 common shares or approximately 0.39% of the common shares of Equity. Mr. Griggs also participates in the deferred share unit plan of Equity available to directors in payment of their quarterly directors’ fees.

As at March 23, 2015, Smoothwater Capital and Mr. Griggs together beneficially owned or exercised control and direction over an aggregate of 1,837,119 common shares of Equity, representing approximately 19.28% of the common shares of Equity.

Depending on market conditions, Smoothwater Capital, Mr. Griggs and/or Underwood may from time to time in the future acquire or dispose of common shares of Equity through open market purchases, private agreements or otherwise for investment purposes.

This news release is issued pursuant to the early warning requirements of applicable Canadian securities laws. Smoothwater Capital will file early warning reports in accordance with applicable securities laws, copies of which will be available on SEDAR at www.sedar.com or upon request to Smoothwater Capital.

About Smoothwater Capital:

Smoothwater Capital Corporation focuses on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.

SOURCE Smoothwater Capital Corporation