DESTIN, Fla., Nov. 29, 2011 /PRNewswire/ -- Concordis Group, Inc. (OTC Markets: CNGI), a growing financial holding company, today announces the financial terms of the acquisition of Advance Underwriting Managers, LLC (AUM) which was announced on November 22, 2011.
Trent S. Sommerville, Chairman and CEO of Concordis Group, Inc. stated, "We are pleased to announce we acquired Advance Underwriting Managers, LLC for $240,000 in cash and 1,000,000 shares of Concordis Group, Inc. common stock. With AUM's expertise in insurance operations, this entity fits our strategy to grow by acquisition.
G. Lahrye Radford, CPCU, Chairman of Advance Underwriting Mangers also said, "AUM's projection of $10,000,000 in revenue in 2012 can be reached with the support structure provided by Concordis. This is an acquisition that is beneficial for all parties – shareholders of Concordis and employees of AUM."
Advance Underwriting Managers, LLC is now a wholly owned subsidiary of Concordis Group.
About Concordis Group, Inc.
Concordis Group, Inc. is a diversified holding company that provides business insurance solutions through its two wholly own subsidiaries: Concordis Insurance SPC(CISPC) and Concordis Capital, Inc.(CCI). CISPC, a Cayman Island corporation, is a captive insurance company that specializes in structuring and managing alternative risk management solutions for mid-market companies. CCI, a Florida corporation, provides captive cell funding for CISPC and other businesses and organizations.
Concordis Group's business strategy is based upon strong organic growth combined with strategic acquisitions of companies in the financial services and insurance industries that create additional synergy, have positive cash-flow, exhibit strong long-term growth potential, and have highly qualified management teams.
Safe Harbor for Forward-looking Statements
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, its services and service offerings, its results to fail to materialize. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
SOURCE Concordis Group, Inc.