Concordis Group, Inc. Signs Letter of Intent to Acquire Domestic Insurance Company
DESTIN, Fla., Dec. 14, 2012 /PRNewswire/ -- Concordis Group, Inc. (OTC Markets: CNGI), a growing financial holding company, announced today that CEO Thomas C. Blake has signed a letter of intent regarding the purchase of Builders Insurance Company (BIC).
Specializing in workers' compensation insurance, BIC is domiciled and admitted to do business in the state of Nevada. Upon completion of the acquisition, Concordis Group intends to continue to expand to lines of coverage in the trucking and healthcare industries. The company expects to collect premiums totaling $10 - $12 MM within the first year.
Mr. Blake stated, "This acquisition lays the foundation for Concordis Group to establish itself as a growth-oriented company in the insurance industry. As previously announced, we have an outstanding offer to purchase a Utah-based insurance company. Concordis is currently reviewing other insurance companies that would enhance future operations and is working diligently to grow our portfolio rapidly."
About Concordis Group, Inc.:
Concordis Group, Inc., is a diversified holding company that provides business insurance solutions through its two wholly-owned 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 possess highly qualified management teams.
Concordis Group, Inc.
Thomas C. Blake
Chief Executive Officer
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.