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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (24394)	3/28/2002 10:10:41 AM
From: Joe Copia	Respond to of 25711

monster alert!! ACHIW now .05 is being bought for .175 note the bold Mar 27, 2002, (A. M. Best via COMTEX) -- Kingsway Financial Services Inc. (TSE, NYSE:KFS) said it has approval from the Illinois director of insurance to acquire American Country Holdings Inc. (NASDAQ:ACHI) and its subsidiary, American County Insurance Co. Under the tender offer announced last month, Kingsway is offering US$2.10 a share for common stock, US$12 a share for preferred stock--plus an amount to reflect the value of accrued dividends at expiration of the offer--and 17.5 cents for each class A common stock purchase warrant (BestWire, Feb. 27, 2002). >The offer requires the tender of common and preferred stock representing at least the majority of the total voting stock of American Country; that Kingsway be satisfied that the restrictions of Delaware corporate law wouldn't apply to Kingsway, and the necessary regulatory approvals. Earlier this month, American Country's board recommended that shareholders tender their shares. In December, A.M. Best Co. downgraded the financial strength rating of American County Insurance Co. to C++ (Marginal) from A- (Excellent) after the company's significant reserve strengthening through the third quarter of 2001 and, as a consequence, the recent deterioration in capitalization (BestWire, Dec. 21, 2001). These factors stem from adverse loss-reserve development from the company's discontinued lines of business, which include artisan contractors business and out-of-state hospitality business. To a lesser extent, transportation results in certain states outside Illinois have been disappointing. Unless it is extended, the tender offer expires at midnight on April 1, Kingsway said. Attempts to contact the companies for additional comment weren't immediately successful. Kingsway has been steadily expanding its U.S. operations. Last summer, it formed an alliance with Reliant American Group Inc., based in Fort Worth, Texas, through which Kingsway will market Reliant property/casualty insurance products, including commercial automobile, garage liability and general liability products (BestWire, June 6, 2001). In September, Kingsway expanded into the U.S. nonstandard auto market in five states--Virginia, Indiana, Arkansas, Ohio and Kentucky--through an agreement with Vision Insurance Group (BestWire, Sept. 6, 2001). Kingsway General Insurance Co., an insurance subsidiary of Kingsway Financial, is rated A (Excellent) by A.M. Best Co. On the afternoon of March 27, Kingsway's stock was trading at $10.81 a share, unchanged from the previous close. American Country's stock was trading at $2.10 a share, up 0.96%. (By Meg Green, senior associate editor, BestWeek: meg.green@ambest.com)

To: Joe Copia who wrote (24394)	3/28/2002 10:11:38 AM
From: Joe Copia	Respond to of 25711

monster alert!! ACHIW now .05 is being bought for .175 note the bold Mar 27, 2002, (A. M. Best via COMTEX) -- Kingsway Financial Services Inc. (TSE, NYSE:KFS) said it has approval from the Illinois director of insurance to acquire American Country Holdings Inc. (NASDAQ:ACHI) and its subsidiary, American County Insurance Co. Under the tender offer announced last month, Kingsway is offering US$2.10 a share for common stock, US$12 a share for preferred stock--plus an amount to reflect the value of accrued dividends at expiration of the offer--and 17.5 cents for each class A common stock purchase warrant (BestWire, Feb. 27, 2002). >The offer requires the tender of common and preferred stock representing at least the majority of the total voting stock of American Country; that Kingsway be satisfied that the restrictions of Delaware corporate law wouldn't apply to Kingsway, and the necessary regulatory approvals. Earlier this month, American Country's board recommended that shareholders tender their shares. In December, A.M. Best Co. downgraded the financial strength rating of American County Insurance Co. to C++ (Marginal) from A- (Excellent) after the company's significant reserve strengthening through the third quarter of 2001 and, as a consequence, the recent deterioration in capitalization (BestWire, Dec. 21, 2001). These factors stem from adverse loss-reserve development from the company's discontinued lines of business, which include artisan contractors business and out-of-state hospitality business. To a lesser extent, transportation results in certain states outside Illinois have been disappointing. Unless it is extended, the tender offer expires at midnight on April 1, Kingsway said. Attempts to contact the companies for additional comment weren't immediately successful. Kingsway has been steadily expanding its U.S. operations. Last summer, it formed an alliance with Reliant American Group Inc., based in Fort Worth, Texas, through which Kingsway will market Reliant property/casualty insurance products, including commercial automobile, garage liability and general liability products (BestWire, June 6, 2001). In September, Kingsway expanded into the U.S. nonstandard auto market in five states--Virginia, Indiana, Arkansas, Ohio and Kentucky--through an agreement with Vision Insurance Group (BestWire, Sept. 6, 2001). Kingsway General Insurance Co., an insurance subsidiary of Kingsway Financial, is rated A (Excellent) by A.M. Best Co. On the afternoon of March 27, Kingsway's stock was trading at $10.81 a share, unchanged from the previous close. American Country's stock was trading at $2.10 a share, up 0.96%. (By Meg Green, senior associate editor, BestWeek: meg.green@ambest.com)

To: Joe Copia who wrote (24394)	3/28/2002 2:11:18 PM
From: Joe Copia	Read Replies (1) \| Respond to of 25711

CVRG and Lee Iacocca telewrxlaunch.flashworks.biz click on company and look at shareholders! You will see Lee Iacocca. Well CVRG just acquired them! LOS ANGELES--(BUSINESS WIRE)--March 27, 2002--Converge Global, Inc. (OTCBB:CVRG), announced yesterday that it has completed the acquisition of TeleWrx, Inc. Converge Global originally signed a letter of intent on January 17, 2002 to purchase TeleWrx and make it a wholly owned subsidiary. TeleWrx specializes in the sales and marketing of telecommunications products and services through the utilization of its international network marketing organization. TeleWrx, provides "Communications that Work for You." TeleWrx, Inc. is a development stage company with a dynamic and experienced management team that is highlighted by Donald A. Smiley serving as Chairman of the Board and Director; Robert E. Brown, Vice Chairman, Co-Founder and Director; and Michael Brown, Co-Founder, President. The Company operations will combine the power of network marketing with technologically advanced telecommunications services all under one roof. This allows the TeleWrx sales agents an opportunity to sell communications services and build a successful home-based business while earning commissions and residual income. TeleWrx, Inc. has a three year renewable Sales and Marketing Agreement with Orbit E-Commerce, Inc. Together, they share the goal of signing in excess of 1 million subscribers in Canada and the United States over the next three years. Under the terms of this agreement, TeleWrx will distribute Orbit's award-winning VoIP long distance and Internet dial-up access service to residential and small business subscribers in major urban areas in the United States and Canada. Orbit's VoIP long distance service is reliable, has excellent toll quality voice fidelity, and its pricing will motivate users of traditional telephone services to switch. Douglas Lloyd, Orbit's President and CEO, stated, "The TeleWrx, Inc. Agreement marks a significant milestone in Orbit's development. Our network-building program with IBM (NYSE:IBM) is under way and we are now positioned to acquire significant numbers of customers." Converge Global, Inc. purchased 100% of TeleWrx in a stock for stock exchange. The shareholders of TeleWrx received about an 80% interest in the post acquisition company. Over the coming weeks, TeleWrx intends to begin the national rollout of its services with introductory meetings in seven major cities. Management plans to grow sales in a rapid but orderly fashion while the company also builds a strong position in the market place. Management plans to build its core business by obtaining loyal customers from the over 100,000,000 homes using long distance services, by providing a bundle of communications services at a very competitive flat monthly rate that is easy to understand and meets the customers' needs. The Company's products are competitively positioned in the marketplace and the utilization of network marketing, its competitive advantage of "Friend to Friend" selling, along with its straightforward sales approach will allow TeleWrx to more quickly acquire market share and reach critical mass. TeleWrx is positioned to capture a significant number of customers and be a serious contender in the telecommunications industry through the utilization of network marketing. By utilizing this powerful sales strategy, the company's home-based agents will approach the residential and small-business markets with the most cost-effective, most technologically advanced, and highest quality telecommunication services available today. TeleWrx will offer residential and small business long-distance, Wireless long-distance, Internet dialup (56K), calling cards, toll-free service, wireless services including WAP (wireless application protocol) devises, and enhanced services such as "follow me" and nationwide "one number" services. In the current economic environment, home-based businesses have enjoyed explosive growth and experts predict that this growth will be fueled by the expanding markets and new technology in the telecommunications industry. Contact Mr. Richard Kaiser at Yes International for Investor Relations at 800/631-8127 or by E-mail at CVRGpresident@aol.com. The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Actual results of the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. --30--KK/se* CONTACT: Yes International Richard Kaiser, 800/631-8127 CVRGpresident@aol.com KEYWORD: CALIFORNIA FLORIDA INDUSTRY KEYWORD: ADVERTISING/MARKETING COMPUTERS/ELECTRONICS E-COMMERCE NETWORKING TELECOMMUNICATIONS MERGERS/ACQ SOURCE: Converge Global, Inc.