UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 10, 1999
GORAN CAPITAL, INC.
Jurisdiction of Incorporation:
Canada
Commission File Number IRS Employer Id. Number
No. 000-24366 Not Applicable
Address of Principal Executive Offices:
181 University Avenue
Box 11, Suite 1101
Toronto, Ontario M5H 3M7
4720 Kingsway Drive
Indianapolis, Indiana 46205
Telephone No.
(416) 594-1155 (Canada)
(317) 259-6400 (U.S.)
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ITEM 5. OTHER EVENTS.
Goran Capital Inc. ("Company") announced on June 8, 1999 it has retained
Donaldson, Lufkin and Jenrette to advise it with regard to the potential sale of
the Company's crop insurance operations. See the press release attached as
Exhibit 1 hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Goran Capital Inc.
By: /s/ Alan G. Symons
Alan G. Symons
Chief Executive Officer
Date: June 10, 1999
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ITEM 5. EXHIBIT 1. PRESS RELEASE.
NEWS RELEASE
[Logo]
Media Contact: Tad Gage
Financial Relations Board
(312) 266-7800
Alan G. Symons Douglas H. Symons
CEO COO
(317) 259-6302 (317) 259-6413
Email: [email protected] Email: [email protected]
FOR IMMEDIATE RELEASE
GORAN CAPITAL INC. SUBSIDIARY
RETAINS DONALDSON, LUFKIN AND JENRETTE
TO ADVISE ON SALE OF CROP OPERATIONS
Toronto (June 8, 1999) - Goran Capital Inc. (NASDAQ: GNCNF; TSE:GNC), a leading
provider of non-standard automobile and crop insurance, today announces the
retention of Donaldson, Lufkin and Jenrette to advise with respect to the sale
of its crop insurance operations.
Goran Capital Inc. ("Company") announces that Symons International Group, Inc.
("SIG"), a significant subsidiary of the Company, has retained Donaldson, Lufkin
and Jenrette ("DLJ") to advise SIG with respect to the sale of its crop
insurance operations.
Further, SIG announced that it is engaged in active discussions with interested
parties regarding the sale of its crop insurance operations.
The Company is the 4th largest crop insurer in the United States.
Goran Capital, Inc. (NADAQ: GNCNF; TSE:GNC) is the 12th largest nonstandard
automobile insurer in the United States. Nonstandard auto insurance is sold
through independent insurance agents. It generally carries higher premiums, and
low limits of liabilities. The Company utilizes proprietary systems and
procedures to achieve operating efficiencies. Goran's subsidiaries Pafco General
Insurance Company and Superior Insurance Company write nonstandard auto
insurance in 22 states. Goran's IGF Insurance Company is the fourth largest
insurer of crops in the US. IGF Insurance Company writes business in 42 states
plus Canada. Visit the Company's Web site at www.sigins.com. For free fax
information on Symons International, dial 1-800-FRO-INFO and enter the ticker:
SIGC.
All statements, trend analyses, and other information contained in this release
and elsewhere (such as in other filings by the Company or its affiliates with
the Securities and Exchange Commission, press releases, presentations by the
Company or its management or oral statements) relative to markets for the
Company's products and/or trends in the Company's operations or financial
results, as well as other statements including words such as "anticipate,"
"could," "feel(s)," "believe," "believes," "plan," "estimate," "expect,"
"should," "intend" and other similar expressions, constitute forward-looking
statements under the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to known and unknown risks, uncertainties
and other factors which may cause actual results to be materially different from
those contemplated by the forward-looking statements. Such factors include,
among other things: (i) general economic conditions, including prevailing
interest rate levels and stock market performance; (ii) factors affecting the
Company's crop operations such as weather-related events, final harvest results,
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commodity price levels, governmental program changes, new product acceptance and
commission levels paid to agents; and (iii) factors affecting the Company's
nonstandard automobile operations such as premium volume, levels of operating
expenses as compared to premium volume, ultimate development of loss reserves
and implementation of the Company's operation system.
Anyone wishing further information may contact:
Douglas H. Symons
COO
Indianapolis (317) 259-6413
Websites: SIG www.sigins.com
IGF wwwigfinsurance.com
