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Puritan Financial Group, Inc. Signs Binding Letter of Intent To Acquire TRAC Indemnity Insurance Company

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  Published in Business and Finance on Tuesday, February 24th 2009 at 4:14 GMT, Last Modified on 2009-02-24 04:15:39 by Market Wire
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DESTIN, Fla.--([ BUSINESS WIRE ])--Puritan Financial Group, Inc. (Pink Sheets:PTNG) announced today it has signed a Binding Letter of Intent (LOI) to acquire TRAC Indemnity Insurance Company, a Cayman Island corporation. Upon closing, TRAC will be renamed Concordis Risk Advisors.

Concordis Risk Advisors will offer insurance coverage in such areas as workman's compensation, general liability, employee benefits, auto and property coverage.

Trent Sommerville, Chairman and CEO of Puritan Financial Group, stated, "The acquisition of TRAC will provide our clients with the benefits of owning a captive insurance company without the cost, infrastructure requirements or the need for administration. These benefits can save our clients tens of thousands of dollars per year, plus the long-term tax benefits can be substantial."

Mr. Sommerville also stated, "This acquisition continues our growth strategy and creates synergy with our planned acquisition of Union Financial."

Concordis Risk Advisors will operate as a wholly owned subsidiary. Closing on this acquisition is to occur on or before March 6th, 2009.

About Puritan Financial Group, Inc.

Puritan Financial Group, Inc. has been established as a diversified holding company with plans to acquire cash flow positive companies with strong management teams in such sectors as financial services, insurance, retail, medical, energy, technology and manufacturing.

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Statements contained herein, and other data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends, which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements.