SALT LAKE CITY, Jan. 5, 2005 (PRIMEZONE) -- Wisdom International ("Wisdom") (Pink Sheets:WSDM) announced today that its wholly owned subsidiary, International Reinsurance Ltd., achieved gross revenues of $2.4 million in 2004, including $500,000 in new premiums in December alone. As a result, International Reinsurance realized a net profit of approximately $291,000 in 2004.
"We are excited about International Reinsurance's success in 2004, which has provided a springboard effect into 2005," said Scott Rowan, Wisdom's CFO. "International Reinsurance has already written $500,000 in new premiums in the first five days of January and we anticipate further success in the year to come. We are in the process of exploring many new opportunities to expand International Reinsurance's worldwide reach in the reinsurance industry and believe we have the right plan and management in place to do so."
About Wisdom International Corporation
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.