NEW YORK, March 21 /PRNewswire-FirstCall/ -- North American Insurance Leaders, Inc. (Amex: NAO), today announced that it has received an estimate from the Deep South Companies ("Deep South") for 2007 Governing EBITDA that could be as high as $21,513,716. This calculation is subject to review by NAO upon the receipt of audited 2007 financial statements. Based upon our preliminary review, it appears that the Governing EBITDA will fall within a range from $18,838,529 to $21,513,716. The resulting initial purchase price would therefore range between $111,900,865 and $125,000,000 including the issuance of shares to the seller ranging from 2,459,921 to 2,788,221 and a maximum annual payout under the two year earnout between $31,549,568 and $25,000,000.
In addition, NAO has received from Deep South the unaudited written premium results for the first two months of 2008. Written premiums were $22,164,208 in January, $1,452,363 under budget, and $15,552,192 in February, $2,591,958 under budget.
In connection with its pending acquisition of Deep South, North
American Insurance Leaders, Inc. filed a definitive proxy statement with
the SEC on January 31, 2008. STOCKHOLDERS OF NORTH AMERICAN INSURANCE
LEADERS, INC. ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY
AMENDMENTS OR SUPPLEMENTS THERETO BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. NAO files reports, proxy statements and other information with
the SEC as required by the Exchange Act. You may read and copy such
reports, proxy statements and other information filed by NAO with the SEC
at the SEC's public reference room located at 100 F Street, N.E.,
Washington, D.C. 20549-1004. NAO also files its reports, proxy statements
and other information
|SOURCE North American Insurance Leaders, Inc.|
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