TORONTO, Dec. 30 /CNW/ - 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
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.
For further information: For further information:
Jordan Kupinsky, Director of JJR VI Acquisition Corp. at 416-972-6574 or Larry G. Swets, President and Chief Executive Officer of Kingsway Financial Services Inc. at 905-677-8889