Kingsway Financial Services Inc.

Kingsway Financial Services Inc.

November 18, 2015 09:24 ET

Kingsway Financial Thanks Kobex Shareholders For Their Support

TORONTO, ONTARIO--(Marketwired - Nov. 18, 2015) - Larry G. Swets, Jr., CEO of Kingsway Financial Services, Inc. (TSX:KFS)(NYSE:KFS) today issued the following letter to shareholders of Kobex Capital Corp. (TSX VENTURE:KXM).

Dear fellow Kobex shareholder:

You have spoken, and your voices have been heard.

More than 43% of shares voted at today's meeting supported our plan and resolutions. In fact, if you exclude those shares held by opposing insiders, 57% of those shareholders who voted at the meeting demand the changes that we requested. A message has been sent, and it reads loud and clear.

Unfortunately and unexpectedly, our plan for change did not carry the day. This will not deter us. We are going to keep our focus on creating value by continuing to urge the Board to move forward with our plans. Your views deserve to be addressed, and the results of this meeting are nothing short of a de facto referendum on the Board's ignorance and wasteful ways. Over the last few weeks, the incumbents had ample opportunity to address their lack of a plan for our Company, their egregious fees and host of related party transactions. Instead they chose to remain silent, all the way up until the last ballot was counted. The 57% that spoke up for change demonstrate that their silence won't be tolerated going forward.

We are resolved to take actions that will enhance shareholder value for all shareholders, and reserve our rights under all applicable securities laws to ensure that the current Board not turn a blind eye to their duties of good faith and candor. In short, we won't let a temporary setback keep us from moving forward with our plans. We all deserve better.

We would like to thank all shareholders for their support of our efforts to upgrade the Kobex board and implement a plan to create real long-term value for all shareholders.

Feel free to call me at 630-290-2432 to discuss our plans.


Larry G. Swets, Jr.

Kobex shareholder and President, CEO and Director of Kingsway Financial Services Inc.

Certain statements contained in this press release constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Kingsway, Kobex, and Kobex's current or future board or management, are intended to identify forward-looking statements. Such statements reflect Kingsway's current views and intentions with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include, but are not limited to, economic, business and regulatory factors, the implementation of specific initiatives proposed by Kingsway and/or the Kingsway nominees, and other factors that are not within the control of Kingsway. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, Kingsway does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and Kingsway undertakes no obligation to publicly update or revise forward-looking statements, other than as required by applicable law.

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