GWG Holdings, Inc. Announces Changes in its Board of Directors
October 21 2019 - 4:30PM
GWG Holdings, Inc. (Nasdaq: GWGH), a financial services holding
company committed to transforming the alternative asset industry
through innovative liquidity products and related services for the
owners of illiquid alternative investments, today announced that in
preparing for the future following the finalization of a number of
initiatives between The Beneficient Company Group, L.P. (Ben) and
GWGH, it has made a decision to reduce the size of the GWG Board.
The complicated process of working toward a closer strategic
relationship between GWG and Ben has been accomplished through the
extraordinary efforts of the staffs of both companies and a
remarkable contribution of the highly respected, and highly valued
leaders it has attracted to both boards. Over the past year, GWGH
expanded the size of its board to meet the demands of this process.
This group of directors has put in an outsized amount of time and
energy to create the platform for the future growth,
diversification and enhanced financial strength of the Company. The
Company is very thankful for that effort and everything the group
has done.
As GWGH works to ensure its board composition is in line with
best practices and in order to make itself a more nimble and
action-oriented organization, the board has determined that it is
in the best interests of the Company to reduce the GWGH board
membership from fourteen members to ten. In this regard, after
contributing long hours and tremendous energy to help get the
Company to where it is today, David Glaser, Sheldon Stein and Bruce
Zimmerman have resigned from the boards of GWGH and Ben and Richard
Fisher has resigned from the board of GWGH. Mr. Fisher will
continue as a Senior Partner Director and Member of the Board of
Directors of Ben.
The Company is grateful for the important
contributions made by each of these directors, and is thankful for
their energy and wise counsel through this important period of
rapid change.
About GWG Holdings, Inc.
GWG Holdings, Inc. (Nasdaq: GWGH), the parent company of GWG
Life, Life Epigenetics and YouSurance, is a leading provider of
liquidity to consumers owning life insurance policies, an owner of
a portfolio of alternative assets, and the developer of epigenetic
technology for the life insurance and related industries. GWG Life
provides value to consumers owning illiquid life insurance products
across America, delivering $568 million more for their policies
since 2006 than the cash surrender value on those policies. GWG
Life owns a life insurance policy portfolio of $2.1 billion in face
value of policy benefits as of June 30, 2019. Life Epigenetics is
working to commercialize epigenetic technology for the life
insurance and related industries. YouSurance, a digital life
insurance agency, is working to embed epigenetic testing into life
insurance purchasing to provide consumers a value-added ecosystem
that supports their health and wellness while reducing the cost of
their insurance. GWGH also has a strategic investment in The
Beneficient Company Group, L.P., a financial services company
providing proprietary liquidity solutions to owners of alternative
assets.
For more information about GWG Holdings,
email info@gwgh.com or visit www.gwgh.com.
Media Contact:Dan
CallahanDirector of CommunicationGWG Holdings, Inc.(612)
746-1935dcallahan@gwgh.com
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