ANCASTER, ON, Oct. 24 /CNW/ - The Loyalist Insurance Group Limited (the
"Company") (TSXV symbol: LOY) is pleased to announce that it has signed a
letter of intent to sell its retail insurance brokerage business subject to
any necessary shareholder, regulatory or other Insurance Company approvals as
well as completion of due diligence, execution of a definitive agreement and
other conditions common in transactions of this nature. The purchase price
will be equal to three times annual commission income for 2007 and is
anticipated to be between $5,000,000 and $6,000,000.
The transaction is anticipated to close on or about December 31, 2007.
The Loyalist Insurance Group Limited is a financial services holding
company primarily involved, through its subsidiary, in the retail insurance
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
For further information:
For further information: Mr. James D. Coons, Chairman, The Loyalist
Insurance Group Limited, (905) 648-6767 x 231