ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD. (TSX Venture Exchange: ACL; OTCQX: ACKBF) announces the sale by its United States subsidiaries Addison Low Cost Insurance Brokers Ltd. and Addison Bay Insurance Brokers Ltd. of the fixed assets and customers accounts of the Southern California Agency locations, its non-performing assets, in order to better focus its resources in the Company’s other existing US locations and potential new US locations to be acquired. The Southern California Agency represented approximately 18% of the consolidated revenues and approximately 22% of the debt. In conjunction with the sale, effective the closing date, the lenders will extinguish (retire) the remaining balance of the debt and terminate and release all liens granted under the loan documents.
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 statement 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.
On behalf ofANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD. “Tony Consalvo” Tony Consalvo, C.E.O.