TORONTO, July 22, 2019 /CNW/ - Echelon Financial Holdings Inc. ("EFH" or the "Company") (TSX: EFH) is providing an update on the New Nordic Arbitration.
As disclosed previously, arbitration proceedings were commenced on September 18, 2018 in Denmark against EFH alleging misrepresentations by the Company at the time EFH sold Qudos Insurance to New Nordic Advisors Limited ("NNAL"). Although the Share Sale Agreement specifically provided that it was not assignable, NNAL purported to assign it to a third party, who commenced the arbitration. The arbitration panel in Denmark has now dismissed entirely the arbitration proceedings, with costs awarded to EFH, on the basis that the third party had no standing to bring them.
About Echelon Financial Holdings Inc.
Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit efh.ca
SOURCE Echelon Financial Holdings Inc.
For further information: Company contact information: Teddy Chien, Chief Financial Officer, [email protected]