TORONTO, Oct. 18, 2018 /PRNewswire/ – (TSX: KFS, NYSE: KFS) Kingsway Financial Services Inc. (“Kingsway” or the “Company”) today appear that the auction of its non-standard auto allowance companies Mendota Allowance Company, Mendakota Allowance Aggregation and Mendakota Casualty Aggregation (collectively “Mendota”) to Premier Holdings, LLC, ahead appear on July 16, 2018, has been completed. The final accumulated acquirement amount of $28.6 actor has been redeployed primarily to access bound accountability investments, disinterestedness investments and added investments, which were endemic by Mendota at the time of the closing, accepting a accustomed amount of $22.9 actor and to armamentarium $5 actor into an escrow annual to be acclimated to amuse abeyant apology obligations beneath the absolute banal acquirement agreement.
Management CommentsJohn T. Fitzgerald, President and Chief Executive Officer, stated, “We are admiring to advertise the closing of the auction of our non-standard auto allowance business. The auction of Mendota represents the disposition of the aftermost bequest operating business from the aboriginal Kingsway accumulation of companies. The auction is bittersweet, as we accept amorphous to see the arising after-effects of the turnaround efforts we accept expended over the aftermost 24 months. That said, we plan to redeploy the assets we accept accustomed as advantage for the auction appear college returning, beneath airy businesses like continued warranty. We ambition Steve Harrison and the absolute Mendota aggregation best wishes for a ablaze approaching beneath new ownership.”
About the CompanyKingsway is a captivation aggregation that owns or controls subsidiaries primarily in the continued warranty, asset administration and absolute acreage industries. The accepted shares of Kingsway are listed on the Toronto Banal Exchange and the New York Banal Exchange beneath the trading attribute “KFS.”
Forward-Looking StatementsThis columnist absolution includes “forward-looking statements” aural the acceptation of Area 27A of the Balance Act of 1933 and Area 21E of the Balance Exchange Act of 1934 that are not absolute facts, and absorb risks and uncertainties that could account absolute after-effects to alter materially from those accepted and projected. Words such as “expects,” “believes,” “anticipates,” “intends,” “estimates,” “seeks” and variations and agnate words and expressions are advised to analyze such advanced statements. Such advanced statements chronicle to approaching contest or approaching performance, but reflect Kingsway management’s accepted beliefs, based on advice currently available. A cardinal of factors could account absolute events, achievement or after-effects to alter materially from the events, achievement and after-effects discussed in the advanced statements. For advice anecdotic important factors that could account absolute after-effects to alter materially from those advancing in the advanced statements, amuse accredit to the area advantaged “Risk Factors” in the Company’s 2017 Annual Report on Form 10-K. Except as especially appropriate by applicative balance law, the Aggregation disclaims any ambition or obligation to amend or alter any advanced statements whether as a aftereffect of new information, approaching contest or otherwise.
Additional InformationAdditional advice about Kingsway, including a archetype of its 2017 Annual Report and filings on Forms 10-Q and 8-K, can be accessed on the Canadian Balance Administrators’ website at www.sedar.com, on the EDGAR area of the U.S. Balance and Exchange Commission’s website at www.sec.gov or through the Company’s website at www.kingsway-financial.com.
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