Goran Capital Inc. Announces the Retirement of Alan G. Symons

Indianapolis, Indiana, UNITED STATES


TORONTO, June 11, 2002 (PRIMEZONE) -- Goran Capital Inc. (TSE:GNC) (OTCBB:GNCNF), a provider of nonstandard automobile insurance today announced that Alan G. Symons is retiring from the Company.

The Company today announced the retirement of Alan G. Symons, the Company's President and Chief Executive Officer, and Vice Chairman of the Company's subsidiary, Symons International Group, Inc. After 32 years of service, Alan G. Symons has decided to retire from the Company and its affiliates in order to start a new business solutions company. Alan G. Symons also resigned as a director of the Company and its affiliates.

"We will miss Alan's leadership," said Douglas H. Symons, who became President and Chief Executive Officer of the Company on May 31, 2002.

The Company also announced today that Gene S. Yerant's employment with the Company ended on May 20, 2002. Douglas H. Symons will reassume operational responsibility for the Company's nonstandard automobile insurance business.

All statements, trend analyses, investment analyses, and other information contained in this press releases 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," "will" 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 insurance operations such as weather-related events, final harvest results, commodity price levels, governmental program changes, new product acceptance and commission levels paid to agents; (iii) factors affecting the Company's nonstandard automobile operations such as premium volume and levels of operating expenses as compared to premium volume; (iv) the factors described in filings with the Securities and Exchange Commission; and (v) factors described in this press release.


        

Contact Data