ITASCA, IL, April 19, 2019 /PRNewswire/ - (NYSE: KFS)
Kingsway Financial Services Inc. ("Kingsway" or the "Company")
today announced it received notice from the New York Stock Exchange
("NYSE") that the Company is not in compliance with NYSE listing
standard 802.01E because it had not timely filed its Annual Report
on Form 10-K for the fiscal year ended December 31, 2018 (the "2018 Form 10-K").
The Company timely filed on April 1,
2019 a Form 12b-25 Notification of Late Filing, which
resulted in an extended filing deadline of April 16, 2019 for its 2018 Form 10-K. On
April 16, 2019, the Company issued a
press release announcing, among other things, that additional time
is needed for the Company to complete its 2018 Form 10-K. The
Company's outside independent auditors, RSM US LLP, have informed
the Company they will require additional time to complete their
work. NYSE has informed the Company it will closely monitor
the status of Kingsway's late filing and related public disclosures
for up to a six-month period from its due date. Kingsway will
continue to work with its auditors with the objective of filing its
2018 Form 10-K as soon as practicable.
About the Company
Kingsway is a holding company that owns or controls subsidiaries
primarily in the extended warranty, asset management and real
estate industries. The common shares of Kingsway are listed
on the New York Stock Exchange under the trading symbol "KFS."
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 that are not historical
facts, and involve risks and uncertainties that could cause actual
results to differ materially from those expected and projected.
Words such as "expects," "believes," "anticipates," "intends,"
"estimates," "seeks" and variations and similar words and
expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events
or future performance, but reflect Kingsway management's current
beliefs, based on information currently available. These
statements include the Company's expectations as to the timing and
outcome of its audit and the filing of its 2018 Form 10-K. A
number of factors could cause actual events, performance or results
to differ materially from the events, performance and results
discussed in the forward-looking statements. For information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements, please refer to the section entitled "Risk Factors" in
the Company's Quarterly Report on Form 10-Q for the period ended
September 30, 2018. Except as
expressly required by applicable securities law, the Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Additional Information
Additional information about Kingsway, including a copy of its 2017
Annual Report and filings on Forms 10-Q and 8-K, can be accessed on
the Canadian Securities Administrators' website at www.sedar.com,
on the EDGAR section of the U.S. Securities and Exchange
Commission's website at www.sec.gov or through the Company's
website at www.kingsway-financial.com.
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SOURCE Kingsway Financial Services Inc.