Business & Finance
Business and Finance
Business and Finance
Thu, February 3, 2011
North Coast Life Insurance Company Extends Deadline for Proposed Transaction with Government Personnel Mutual Life Insurance Co
SPOKANE, Wash.--([ BUSINESS WIRE ])--North Coast Life Insurance Company (OTCBB:NCLIP) (Pink Sheets: NCLI) announced at its regular quarterly Board Meeting on January 28, 2011, that an agreement had been signed on January 25, 2011, to amend the Non-Binding Proposal for the Acquisition of North Coast Life Insurance Company by Government Personnel Mutual Life Insurance Company (GPM Life) dated October 5, 2010.
The original proposal contemplated making an effort to consummate the proposed transaction on or before December 31, 2010; however GPM Life is awaiting certain materials from the Washington Office of the Insurance Commissioner relating to their examination of North Coast Life and other information including North Coasta™s 2010 Annual Statement. GPM Life wants to evaluate this information before the proposed transaction is taken to their Board of Directors for approval.
The Amendment extended the deadline for consummation of the transaction to June30, 2011, extendable, upon the mutual agreement of the parties, to September 30, 2011. The Due Diligence Period is extended to March 15, 2011, or 15 days after receiving the draft State Examination Report for North Coast Life.
For additional information on North Coast Life or its products and services, please visit the Companya™s website at [ www.nclife.com ].
