| Copyright: | PR Newswire | | Source: | PR Newswire | | Wordcount: | 340 |
HAMILTON, Bermuda, June 16 /PRNewswire-FirstCall/ - River Capital Group,
Inc. (OTC BB: RCGI)
River Capital Group, Inc. (the "Company"), is pleased to announce that
its wholly-owned subsidiary, River Reinsurance Limited ("River RE"), has now
been formally licensed by the Barbados Supervisor of Insurance as an Exempt
Insurance Company. River RE may conduct General Insurance Business, including
property and casualty reinsurance and credit reinsurance.
Additionally, the Company has been granted permission by the Market
Admissions Department of the NASD for its common shares to begin trading on
the NASD Over the Counter Bulletin Board. The shares are traded under the
ticker symbol "RCGI".
Mr. Howard Taylor, Chief Executive Officer of the Company, commented,
"The Company continues to make progress on our previously announced plans,
with the insurance company licensing and Bulletin Board addition being
significant developments."
Mr. Taylor added, "By leveraging our relationships in the reinsurance
markets we are now able to put in place our underwriting team and we intend to
raise additional capital to participate in our selected reinsurance markets."
Mr. Taylor also noted that, "part of River RE's mission will be to write
a diversified book of business via Alternative Reinsurance Products, such as
ILW's (Industry Loss Warranties), complemented by highly selective exposure to
other reinsurance lines."
Safe Harbor
Statements herein express management's beliefs and expectations regarding
future performance and are forward-looking and involve risks and
uncertainties, including, but not limited to, the ability to negotiate
outstanding prior debts of acquired companies; properly identify acquisition
partners; adequately perform due diligence; manage and integrate acquired
businesses; react to quarterly fluctuations in results; raise working capital
and secure other financing; respond to competition and rapidly changing
technology; deal with market and stock price fluctuations; and other risks.
These are and will be detailed, from time to time, in the Company's Securities
and Exchange Commission filings, including Forms 10-KSB, 10-QSB and 8-K.
Actual results may differ materially from management's expectations.
SOURCE River Capital Group, Inc.
CONTACT: Howard J. Taylor, CEO, River Capital Group, Inc., Hamilton, Bermuda, Tel: (441) 296-6006, Email: info@river.bm
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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