TORONTO, Dec. 30 /PRNewswire-FirstCall/ - Kingsway Financial Services Inc. ("Kingsway" TSX: KFS, NYSE: KFS) and JJR VI Acquisition Corp. ("J6" TSXV: JVI.P) announced today that the Illinois Department of Insurance granted Form A approval for the transaction by which American Country Insurance Company ("ACIC") and American Service Insurance Company, Inc. ("ASI") will become subsidiaries of J6 (to be renamed Atlas Financial Holdings, Inc.). Conditional approval from the TSX Venture Exchange was previously announced on December 17. Closing of the proposed transaction is anticipated to occur on December 31, 2010.
Completion of the proposed transaction remains subject to a number of conditions, including fulfillment of the conditions required by the TSX Venture Exchange. There can be no assurance that the proposed transaction will be completed as proposed or at all.
J6 also announced today that, in anticipation of the completion of the proposed transaction, it has completed a consolidation of its common shares on a basis of 1 post-consolidation shares for every 10 pre-consolidation shares.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disproved the contents of this press release.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Kingsway and J6 and each of their respective subsidiaries and businesses. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, including completion of the proposed transaction may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the insurance industry, economic factors and the equity markets generally. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Kingsway and J6 and each of their respective subsidiaries undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Kingsway focuses on non-standard automobile insurance in the United States of America. Kingsway's primary businesses are the insuring of automobile risks for drivers who do not meet the criteria for coverage by standard automobile insurers. The common shares of Kingsway Financial Services Inc. are listed on the Toronto Stock Exchange and the New York Stock Exchange, under the trading symbol "KFS".
The primary business of ACIC and ASI is commercial automobile insurance, with a niche market orientation and focus on insurance for the "light" commercial automobile sector including taxi cabs, non emergency paratransit, limousine/livery and business auto.
J6 is a capital pool company governed by the policies of the Exchange. J6's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Kingsway Financial Services Inc.