TORONTO, Feb. 28, 2017 /CNW/ - Echelon Financial Holdings Inc., "Echelon" or "the Company" (TSX: EFH), announced today that it has received regulatory approval from the Danish Financial Services Authority, for the sale of its European operations. This completes the necessary regulatory approvals for the sale. The sale is scheduled to close prior to March 15, 2017. The Company will retain no residual insurance risk from the sale.
"The completion of this transaction is an important milestone in the transformation of our Company," commented Serge Lavoie, Chief Executive Officer of Echelon. "It will allow us to focus our time and resources on executing our Canadian strategy."
Further details will be announced following the close.
About Echelon Financial Holdings Inc.
Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada, primarily focusing on non-standard automobile insurance and other specialty P&C insurance products. The Company operates and 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.
This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies and outlook of EFH for 2016 and subsequent periods.
This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond Echelon's control, affect the operations, performance and results of and its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.
Echelon does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about Echelon's business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.
SOURCE Echelon Financial Holdings Inc.
For further information: Company contact information: Kathy Shulman, Manager, Investor Relations, 905-214-7880, [email protected]