MISSISSAUGA, ON, Jan. 23, 2019 /CNW/ - Echelon Financial Holdings Inc. ("EFH" or the "Company") (TSX: EFH) announced today that the sale of Echelon Insurance, the Company's main operating subsidiary that is incorporated under the Insurance Companies Act, and the unregulated warranty business held directly by EFH to a subsidiary of CAA Club Group for $175 million was approved by the requisite majority of shareholders at the special meeting of shareholders held on January 23, 2019 (the "Special Meeting"). Shareholders also approved a reduction in the stated capital of the Company to permit a special distribution to shareholders.
Final voting results from the Special Meeting will be filed with the Canadian securities regulatory authorities and will be available on the Company's SEDAR profile at www.sedar.com.
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 Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit echeloninsurance.ca.
SOURCE Echelon Financial Holdings Inc.