TORONTO, Dec. 14, 2020 /CNW/ - Echelon Financial Holdings Inc. ("EFH" or the "Company") (TSX: EFH) which operates in the property and casualty insurance industry in Canada, today announced it has received acceptance to be listed on the TSX Venture Exchange ("TSXV") following its announcement on August 26, 2020 that it intended to seek a listing on the TSXV and to delist from the Toronto Stock Exchange.
The proposed date of the transition from the TSX to TSXV is December 22, 2020. EFH stock will be delisted on the Toronto Stock Exchange at the end of the trading day on December 22, 2020 and will be listed on the TSX Venture Exchange at the opening on December 23, 2020. At the same time, the Company has received approval to change its name to EFH Holdings Inc. and is taking steps to implement the name change. The stock symbol on the TSXV will remain as "EFH".
After the dividend distribution to shareholders on September 15, 2020, EFH's net assets and scale of operations are significantly reduced. With the current size and scale of operation, the board has decided that a listing on the TSXV is more suitable than the TSX to reduce costs and have suitable followings until it has grown to a significantly larger size in the future. Given that the TSXV is an acceptable alternate market for the listed stock, shareholder approval is not required for the delisting on the TSX.
This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of EFH. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "would", "should", "could", "trend", "predict", "likely", "potential" or "continue" or the negative thereof and similar variations.
This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH's control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.
About Echelon Financial Holdings Inc.
Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH.
For more information, please visit www.efh.ca
SOURCE Echelon Financial Holdings Inc.
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