Goran Capital Inc. Reports Fourth Quarter and Year End Results for 2001

Indianapolis, Indiana, UNITED STATES


TORONTO, April 12, 2002 (PRIMEZONE) -- Goran Capital Inc. (OTCBB:GNCNF) (TSE:GNC), a leading specialty insurer, reported fourth quarter and year end results for 2001.

For the three months ended December 31, 2001, the Company reported a net loss of $(9,409,000), or $(1.71) per share, as compared to a net loss of $(45,616,000), or $(7.90) per share, for the same period in 2000. Net loss before taxes and distributions on Preferred Securities was $(6,734,000), or $(1.23) per share, for the three months ended September 30, 2001 as compared to a loss of $(33,529,000), or $(5.80) per share for the same period in 2000.

For the twelve months ended December 31, 2001, the Company reported a net loss of $(34,093,000), or $(5.99) per share, as compared to a net loss of $(80,265,000), or $(13.79) per share, for the same period in 2000. Net loss before taxes and distributions on Preferred Securities was $(21,568,000), or $(3.79) per share, for the twelve months ended December 31, 2001, as compared to a loss of $(53,347,000), or $(9.16) per share, for the same period in 2000.

Goran Capital Inc. owns insurance companies principally in the non-standard automobile insurance market. Visit the Company's Websites at www.gorancapital.com and www.sigins.com.

The Company filed its results for the year ended December 31, 2001, on Form 10-K with the SEC today. The Company's 2001 Annual Report was also filed with the SEC and is incorporated into the 10-K by reference. This information may be accessed on the SEC's Website using the EDGAR database at www.sec.gov/.

'Forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. A variety of factors could cause the Company's actual results to differ from the reported results expressed in such forward-looking statements. Investors are referred to the Company's Forward Looking Statements and Certain Risks (Part I, Item 1 to the Company's Form 10-K for the year ended December 31, 2001), which statements are incorporated into this news release by reference.


        

Contact Data