INDIANAPOLIS and TORONTO, Oct. 3, 2001 (PRIMEZONE) -- Goran Capital Inc. (OTCBB:GNCNF) (TSE:GNC), a specialty insurer, is pleased to announce that it has filed with The Toronto Stock Exchange (the "TSE"), and the TSE has accepted, a notice of intention to make a normal course issuer bid for its common shares ("Common Shares"). Goran is entitled to purchase up to an aggregate of 272,555 Common Shares, representing approximately 10% of the public float of 2,725,554 Common Shares (within the meaning of the TSE Policy Statement on Normal Course Issuer Bids) of the approximately 5,776,398 Common Shares currently issued and outstanding during the one-year period commencing on Oct. 4, 2001 and terminating on the earlier of the date on which the maximum number of Common Shares is purchased and Oct. 3, 2002.
The Common Shares will be purchased from time to time through the facilities of the TSE in accordance with the by-laws and rules of the TSE. All Common Shares purchased by Goran under its normal course issuer bid will be cancelled.
Goran believes that the purchase of its Common Shares at current market values represents a good long-term investment for Goran and its shareholders.
A copy of the notice of intention to make a normal course issuer bid filed by Goran with TSE may be obtained upon request from Goran without charge.
"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 2 to the Company's Form 10-Q for the period ended June 30, 2001), which statements are incorporated into this news release by reference.