ANCASTER, ON, Dec. 12 /CNW/ - The Loyalist Insurance Group Limited (the
"Company") (TSXV symbol: LOY) is pleased to announce that further to its
October 24, 2007 press release announcing a Letter of Intent to sell its
retail insurance brokerage asset, the Company, today entered into a binding
purchase and sale agreement with Brownstone Holdings Inc.
The estimated proceeds to the Company will be approximately $5,000,000
cash. This transaction is expected to close in January 2008 and is subject to
final regulatory and shareholder approval. The proceeds will be used for
general corporate purposes which includes repaying all corporate liabilities.
The Loyalist Insurance Group Limited is a financial services holding
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