Viking Capital Approves a Change of Control to International Insurance Holding Co.DALLAS -- Viking Capital Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :VGCP)("Viking or Company") announced today that it has sold controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail to FITT n. 1. See 2d Fit. , Inc. (FITT) an international insurance and financial holding company with approximately $1 Billion in Asset. Fitt purchased 20 million common restricted shares and 1,800,000 Preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of Viking's stock in exchange for 60% and controlling interest of their Caribbean based reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. company, Brentwood Re. Ltd., with assets valued at approximately $50 million and also working capital support for all of Viking's operations. As part of the deal, Mr. William J. Fossen, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Viking since 1989 is retiring immediately and 50 year old Fitt Chairman and CEO Mr. Steve Mills For the character in the "Shortland Street"" TV programme, see . Steve Mills (born Portsmouth, 9 December 1953, died Southampton, 1 August 1988) was a professional footballer with Southampton F.C. who career was cut short by a serious car accident and died of leukemia aged 34. , has assumed his positions. Fossen will assist the Company through the Change of Control. All key positions have been assumed at Viking by Fitt personnel. Mr. Mills served at Viking as President of Viking Insurance Services, Inc. from 1995 to 1998 and is very familiar with Viking's operations and believes FITT's cash infusions if needed and $30 million of assets via the 60% ownership of the insurance operation will help Viking and Fitt meet its short and long term profit goals. This transaction gives Fitt approximately 24% of Viking's common stock and all of its outstanding Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Mr. Mills intends to utilize the assets and all other resources of Fitt to build several financial administrative profit centers at Viking and a robust international insurance operation. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This press release may contain certain "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995 and information relating to the Company and its subsidiaries that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. When used in this release, the words "plan", "anticipate", "believe", "estimate", "expect", and "intend" and words or phrases of similar import, as they relate to the Company or its subsidiaries or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, changes or anticipated changes in regulatory environments, competitive factors, general economic conditions, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, distribution networks, product introductions and acceptance, technological change, changes in industry practices, onetime events and other factors described herein and in other press releases to the public or filings made by the company with the Securities and Exchange Commission, the ability to secure partnership or joint-venture relationships with other entities, the ability to raise additional capital to finance acquisitions and expansion, and the risks inherent in acquisitions, their management, and product and service introductions and the entry into new geographic markets. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements. For further information, which could cause actual results to differ from the Company's expectations, as well as other factors, which could affect the View the Company's financial statements and all Securities and Exchange Commission filings by clicking on "Company Information on the Company's web site. |
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