ITASCA,
Ill., May 20, 2022 /CNW/ - (NYSE: KFS)
Kingsway Financial Services Inc. ("Kingsway" or the "Company")
announced today that Charles
Frischer was appointed to its Board of Directors. Mr.
Frischer was also appointed to serve on the Audit Committee and the
newly created Real Estate Committee, of which Mr. Doug Levine will also be a member.
"We are excited to welcome Charlie to our Board," said
Terence M. Kavanagh, Chairman of the
Board of Directors. "Charlie holds approximately 7% of Kingsway's
common stock, bringing total Board and management ownership to
approximately 63% of Kingsway's common stock. Charlie's deep
knowledge and experience in financial services businesses and in
real estate investing will be a significant benefit to Kingsway and
its shareholders," continued Mr. Kavanagh. "I, and the entire Board
and management team, look forward to working with Charlie in the
years to come."
"It is with great enthusiasm that I accept the appointment to
Kingsway's Board of Directors," said Mr. Frischer. "I've been
following Kingsway very closely the past couple of years and have
acquired my ownership stake over that time. I believe in the
new strategy that the Board and the management team have been
implementing at Kingsway and believe I can provide unique guidance
and oversight that will contribute to Kingsway's continued
success," continued Mr. Frischer. "The search accelerator
program is a hidden gem at Kingsway. I think in 2 or 3 years
investors will be really impressed at how the company will be
transformed with high growth, capital light businesses run by very
motivated entrepreneurial CEOs," concluded Mr. Frischer.
Mr. Frischer, lives in Seattle
and is the general partner of LFF Partners, a family office based
in Seattle. Prior to working at
LFF Partners, Mr. Frischer held various positions at Zephyr
Management, L.P., a New York based
private equity firm (2005 to 2008); Capri Capital (1995 to 2005);
and the Resolution Trust Corporation (1990 to 1993). Mr. Frischer
graduated from Cornell University in
1988 with a A.B. in Government from the College of Arts and
Sciences.
About the Company
Kingsway is a holding company that owns or controls subsidiaries
primarily in the extended warranty, business services, 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 and/or Shareholder Letter may include
"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; however, the
absence of any such words does not mean that a statement is a not a
forward-looking statement. Such forward-looking statements relate
to future events or future performance, but reflect Kingsway
management's current beliefs, based on information currently
available. 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, including as a result of the COVID 19 pandemic. 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 2021 Annual Report on Form 10-K and
subsequent Form 10-Qs and Form 8-Ks filed with the Securities and
Exchange Commission. 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
Annual Reports can be accessed on the EDGAR section of the U.S.
Securities and Exchange Commission's website at www.sec.gov, on the
Canadian Securities Administrators' website at www.sedar.com, or
through the Company's website at www.kingsway-financial.com.
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SOURCE Kingsway Financial Services Inc.