SALT LAKE CITY, Dec. 14, 2004 (PRIMEZONE) -- Wisdom International Corporation (Pink Sheets:WSDM) ("Wisdom"), a diversified holding company, announced today that it has reached an agreement to purchase the remaining ownership shares of International Reinsurance, Ltd., Wisdom's Nevis based reinsurance company, from Norwich Management Company of Norwich, England.
Michael Merservy, Chairman and CEO of Wisdom noted, "We are pleased that Norwich has expressed the continued confidence in our management and business plan, electing to take stock as consideration for the final piece of their holdings."
Norwich Management Company is an international insurance broker and consultant, headquartered in the UK. Norwich has represented a diverse client base and is active in all aspect of risk management, underwriting and marketing. Said Peter Greengrass, CEO of Norwich, "We like what we see at Wisdom and think that the growth opportunities are significant. They will be good partners."
About Wisdom International, Inc.
Wisdom International Corporation is a diversified holding company. Wisdom's reinsurance activities are conducted through its subsidiary, International Reinsurance Company, Ltd., with offices in Nevis, West Indies, Norwich, England and Dallas, Texas. Wisdom's other business activities are conducted through non-insurance subsidiaries, which include two mining companies, a real estate development company, a livestock company and trucking company.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as: the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels.
All information in this release is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.