DESTIN, Fla., Feb. 23, 2011 /PRNewswire/ -- Concordis Group, Inc. (Pink Sheets: CNGI), a growing financial holding company, today announced that it is taking steps to list its shares on a senior U.S. stock exchange.
In a set of moves intended to position the Company to file an application to list on either the American Stock Exchange or NASDAQ, the company is preparing a Series A Preferred Offering to raise $ 10 million, recently engaged Chicago-based securities law firm Holland Knight to act as legal counsel and has engaged Malone Bailey, LLP to begin the full audit process.
The money raised from this offering will stay in the bank in a secured trust account to be used to fund the Company's captive insurance reserves.
Trent S. Sommerville, Chairman and CEO of Concordis Group, Inc. stated, "These recent actions were critical steps in the process as we continue to execute our business strategy. We have witnessed several cases recently where shareholder value appreciated significantly due to solid business developments coupled with the up-listing of a company's shares."
Mr. Sommerville added, "Graduating to a senior U.S. exchange is a high priority for the company given the progress we made in securing clients for Concordis Insurance SPC. We believe transitioning to a larger exchange is the next logical step in the Company's future growth and will allow us to gain exposure and be recognized by a broader segment of the investment community. Concordis Group is confident that now is the appropriate time to move to a senior U.S. exchange."
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.