CHICAGO, Jan. 9, 2023
/PRNewswire/ - (NYSE: KFS) Kingsway Financial Services
Inc. ("Kingsway" or the "Company") today welcomes Sun
Mountain Partners, LLC ("Sun Mountain"), led by Will Thorndike and Christian Solberg, as a large investor in
Kingsway. Through its purchase of warrants and subsequent exercise
for KFS common stock, Sun Mountain
has increased its position by 611,547 common shares.
Earlier this year, Kingsway created a Strategic Advisory Board
for its newly formed Kingsway Search Xcelerator ("KSX") segment and
welcomed Mr. Thorndike as an advisor. Among many pursuits, Mr.
Thorndike is a Founding Principal at private investment
partnerships Sun Mountain Partners and TTCER, a co-Founder at
Compounding Labs, an investment collaboration focused on long term
consolidations, and a lead investor at Banyan Software, a related
platform in the vertical market software industry. He is Chairman
of the Board at CNX Resources, and the Co-Chairman of EverArc
Holdings. Will is also Research Advisor to Wellington Management's
Public Permanent Capital investment strategy and Founder and Jury
Member for The Singleton Prize for CEO Excellence and is the author
of The Outsiders: Eight Unconventional CEOs and Their Radically
Rational Blueprint for Success.
"Will and Christian run a concentrated portfolio of
carefully selected stock positions which they aim to hold for the
long-term and, as such, we are excited to have them as shareholders
in Kingsway," said J.T. Fitzgerald, President and Chief Executive
Officer of Kingsway. "When Will joined the advisory board back in
April, we anticipated that Kingsway would benefit greatly from his
experience and guidance. Today, Will and Christian are aligning
their interests with other fellow shareholders."
"At Sun Mountain Partners, we invest long-only in 6-12 public
equities around the world that we hope to own for decades," said
Christian R. Solberg, Managing
Member of Sun Mountain Partners. "We believe that Kingsway is an
exceptional company with great leadership. We look forward to
having a long-term relationship with the Company."
The 611,547 warrants were acquired on December 29, 2023 and subsequently exercised,
resulting in cash proceeds to the Company of $3.1 million. In November 2022, Sun Mountain Partners also
exercised 99,875 warrants, resulting in additional cash proceeds to
the Company of $0.5 million.
This, combined with roughly 90,000 shares Sun Mountain acquired in 2021, brings
Sun Mountain's total position to
approximately 800,000 KFS common shares.
The warrants allow the holder to purchase one common share of
Kingsway for each warrant held at a price of $5 per share, and expire on September 15, 2023.
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 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.