ANCASTER, ON, Aug. 29 /CNW/ - The Loyalist Insurance Group Limited (TSX
Venture Exchange symbol: LOY) announced today results for the quarter ended
June 30, 2007.
Revenues for the Company for the second quarter ending June 30, 2007
decreased to $397,780 from $473,953 for the same quarter in 2006. Total
expenses of the Company for the second quarter were $586,644 compared to
$613,397 for the same quarter in 2006.
Net loss in the Company for the second quarter ending June 30, 2007 was
$198,864 compared with a net loss of $98,444 for the same quarter in 2006.
The Company was subject to cease trading orders issued by securities
regulators in Ontario, Alberta and British Columbia in May of 2005. Since this
date the Company has committed substantial financial resources and efforts
towards the revocation of these Orders. As of May 25, 2007 all of these Orders
were revoked and on June 7, 2007 trading of the stock had resumed. The Cease
Trade Orders from all commissions were revoked and have brought the Company
into full compliance with regulators. The Company is compliant as a reporting
issurer. The Company has incurred extraordinary expenses relating to legal and
A Subsidiary of the Company, Loyalist Insurance Brokers Limited, was
engaged in binding arbitration regarding a commission dispute pursuant to a
contractual arrangement with a third party insurer. The amount in dispute was
approximately $370,000. LIB was unsuccessful. Legal fees in the amount of
$55,000 were incurred as a result of this arbitration.
Both the consolidated interim financial statements and the MD&A for the
period can be found on SEDAR at www.sedar.com.
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 or disapproved of the
information contained herein.
For further information:
For further information: Mr. Donald Coons, President & CEO, The Loyalist
Insurance Group Limited, (905) 648-6767