Speciality auto insurer Kingsway Financial Services Inc. today announced that, due to market conditions, it intends to withdraw the public offering of common shares previously announced by way of its press release dated June 7, 2002.

“Since announcing the transaction, the shares have been trading at a level which we believe is below their intrinsic value”, says Bill Star, president and CEO.

“In view of the extremely strong growth opportunities in our core markets, we will continue to evaluate our capital position, which we recently strengthened by entering into an unsecured $66.5 million credit facility,” he adds.

http://www.newswire.ca/releases/June2002/14/c6370.html