Brooke Franchise Corporation Agrees to Acquire Insurance Agency Network
September 27 2007 - 9:21AM
PR Newswire (US)
OVERLAND PARK, Kan., Sept. 27 /PRNewswire-FirstCall/ -- Brooke
Franchise Corporation, a subsidiary of Brooke Corporation
(NASDAQ:BXXX), announces an agreement to acquire 60 insurance
agency locations from entities associated with Chicago-based J and
P Holdings Inc. The acquisition is expected to close on Sept. 28,
2007 and is subject to typical closing conditions. The agencies
currently sell auto insurance under the trade names of Lone Star
Auto, Insurance Xpress, Car Insurance Store, Hallberg Insurance
Agency and Hallberg Xpress in Colorado, Illinois, Kansas, Missouri
and Texas. The acquired agencies will be converted into Brooke
franchises or merged into existing Brooke franchise locations.
"This acquisition is a good geographical fit with our existing
franchise locations that specialize in auto insurance sales and
provides opportunity for current Brooke franchisees to grow through
acquisition," said Kyle Garst, Brooke Franchise Corporation's
chairman and chief executive officer. "It also increases our
franchise location count to approximately 900 locations and
additional franchise locations generate additional branding and
processing economies of scale." About our company ... Brooke
Franchise Corporation is a subsidiary of Brooke Corporation
(NASDAQ:BXXX) that distributes insurance and banking services
through a network of more than 800 franchise locations. Brooke
Franchise was named the country's No. 37 top franchise by
Entrepreneur magazine (2007). For more information, visit
http://www.brookeagent.com/. Contact ... Kyle Garst, 913-661-0123
ext. 508, E-mail Distribution ... To receive electronic press
alerts, visit the Brooke Corporation Media Room at
http://brookecorp.mediaroom.com and subscribe to our e-mail alerts
online through the Get the News link. This press release contains
forward-looking statements. All forward-looking statements involve
risks and uncertainties, and several factors could cause actual
results to differ materially from those in the forward-looking
statements. The following factors, among others, could cause actual
results to differ from those indicated in the forward-looking
statements: the uncertainty that the Company will successfully
complete this acquisition, integrate acquired operations into the
Company's existing business and achieve expected returns from the
acquisition, uncertainties associated with market acceptance of and
demand for the Company's products and services, the impact of
competitive products and pricing, the dependence on third-party
suppliers and their pricing, its ability to meet product demand,
the availability of funding sources, the exposure to market risks,
uncertainties associated with the development of technology,
changes in the law and in economic, political and regulatory
environments, changes in management, the dependence on intellectual
property rights, the effectiveness of internal controls, and risks
and factors described from time to time in reports and registration
statements filed by Brooke Corporation with the Securities and
Exchange Commission. A more complete description of Brooke's
business is provided in Brooke Corporation's most recent annual,
quarterly and current reports, which are available from Brooke
Corporation without charge or at http://www.sec.gov. DATASOURCE:
Brooke Franchise Corporation CONTACT: Kyle Garst of Brooke
Franchise Corporation, +1-913-661-0123, ext. 508, Web site:
http://www.brookeagent.com/ http://www.brookecorp.com/
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