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ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD. (TSX Venture Exchange: ACL; OTCQX: ACKBF) (the “Corporation”) announces that Addison Low Cost Insurance Brokers Ltd. (“Addison Low Cost”) and Addison York Insurance Brokers Ltd. (“Addison York”), both subsidiaries of Anthony Clark International Insurance Brokers Ltd., were served with a Bankruptcy Adversary Proceeding Complaint brought by the Trustee for Brooke Corporation et al (“Brooke”), Chapter 7 bankrupt companies, in
In re Brooke Corporation Adversary No. 10-06208 pending in the United States Bankruptcy Court For the District of Kansas, Kansas City Division.
The claim seeks a return of net commission settlements paid by Brooke to Addison Low Cost ($2,979,121.62) and to Addison York ($3,223,021.62) on the grounds that the Brooke Trust account, out of which those commissions were paid, may have contained some unknown, undetermined amount of Brooke’s money. Therefore, because Brooke claims it may have allegedly comingled some of its money with commission monies belonging to Addison Low Cost, Addison York and hundreds of other agents and insurers, all net commission payments paid to Addison Low Cost and Addison York (and the hundreds of other agents and insurers) should be returned. Anthony Clark, based on a review of the Complaint and review by and opinion of its legal counsel, believes there is no legal or factual merit to the claim. Anthony Clark will vigorously defend the action and will seek to have it dismissed.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Corporation’s ability to close the proposed transaction. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Corporation’s public filings under Risk Factors. The Corporation undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.