Atlas Financial Holdings, Inc. (TSX.V:AFH) (“Atlas” or the
“Company”) today announced that it has closed the previously announced
sale of its property located at 150 Northwest Point Boulevard in Elk
Grove Village, Illinois. The property was sold at slightly higher than
book value and proceeds from this cash transaction (approximately $13
million) will be used to support the Company’s plans for future growth.
Atlas will remain in the building as a tenant.
Mr. Scott D. Wollney, Chief Executive Officer of Atlas, commented, “We
are very pleased to announce the sale of the Elk Grove Village property.
At the time Atlas acquired our insurance subsidiaries, we held $15.9
million in real-estate on our balance sheets. In 2011, two of these
properties were sold and netted the Company proceeds which exceeded book
value. With the sale of this property, Atlas has reduced its holdings of
owned real-estate to approximately $166 thousand, a very small component
of Atlas’ shareholder’s equity of $56.5 million as of March 31, 2012. We
believe this was the last major transition-related initiative necessary
to ensure that 100% of Atlas’ resources and attention are focused on the
profitable growth of our core commercial auto insurance business.”
About Atlas Financial Holdings, Inc.
The primary business of Atlas is commercial automobile insurance in the
United States, with a niche market orientation and focus on insurance
for the "light" commercial automobile sector including taxi cabs,
non-emergency paratransit, limousine/livery and business auto. The
business of Atlas is carried on through its insurance subsidiaries
American Country Insurance Company and American Service Insurance
Company, Inc. Atlas’ insurance subsidiaries have decades of experience
with a commitment to always being an industry leader in these
specialized areas of insurance.
This release includes forward-looking statements regarding Atlas and its
insurance subsidiaries and businesses. Such statements are based on the
current expectations of the management of each entity. The words
"anticipate", "expect", "believe", "may", "should", "estimate",
"project", "outlook", "forecast" or similar words are used to identify
such forward looking information. The forward-looking events and
circumstances discussed in this release may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the Companies, including risks regarding the
insurance industry, economic factors and the equity markets generally
and the risk factors discussed in the "Risk Factors" section of the
Company's Form 10-K for the year ended December 31, 2011 . No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only as of
the date on which they are made and Atlas and its subsidiaries undertake
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events, or
Atlas Financial Holdings, Inc.Scott Wollney, CEO847email@example.comInvestor
RelationsThe Equity Group Inc.Adam Prior, Vice President212firstname.lastname@example.orgTerry
Source: Atlas Financial Holdings, Inc.