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CALGARY, Alberta, June 13, 2018 (GLOBE NEWSWIRE) -- Olympia Financial Group Inc. (TSX:OLY) (“Olympia”) announces that its wholly-owned subsidiary, Olympia Trust Company (“OTC”) intends to commence business as a transfer agent and corporate trustee commencing December 14, 2018.
Olympia previously operated a transfer agency and corporate trustee business through its Corporate and Shareholder Services (“CSS”) division. Olympia sold the CSS division to Computershare Trust Company of Canada on December 13, 2013 for $43 million.
As part of the sale of the CSS division, Olympia agreed to a non-competition provision that prevented Olympia from offering transfer agency and corporate trustee services until after December 13, 2018.
“In 2013, given the market conditions, it made sense to sell the CSS division for thirty times earnings. It is Olympia’s view that market conditions have changed and are now right for the successful launch of a transfer agency and corporate trustee business that is based in western Canada and that is focused on the customer,” commented Rick Skauge, President, Chief Executive Officer and Chairman of Olympia.
OTC will begin posting positions for available opportunities immediately and intends to spend the next 6 months establishing systems and training staff in order to be adequately prepared to commence transfer agency and corporate trustee business operations on December 14, 2018.
It is OTC’s intention that the new transfer agency and corporate trustee business will provide services to both publicly listed and private companies.
About Olympia Financial Group Inc.
Olympia conducts most of its operations through its wholly-owned subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers self-directed registered accounts and offers foreign currency exchange services. Olympia also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc. and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.
Olympia’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
For further information, please contact:
Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Vice-President, Finance and Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455
Statements Regarding Forward Looking Information
Certain portions of this press release as well as other public statements by Olympia contain “forward-looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward–looking statements”, which may not be based on historical fact. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continue”, “estimates,” “scheduled,” “anticipates,” “believes,” “intends,” “may,” and similar expressions or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information. Forward-looking statements contained in Olympia’s public disclosure include, without limitation, Olympia’s earnings expectations, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and Olympia’s ability to complete strategic transactions and other factors. In addition, this news release contains forward-looking statements relating to the commencement of a transfer agency and corporate trustee business by Olympia.
All material assumptions used in making forward-looking statements are based on management’s knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current interest rate and liquidity conditions affecting Olympia and the Canadian economy. Certain material factors or assumptions are applied by Olympia in making forward-looking statements, including without limitation, factors and assumptions regarding interest and foreign exchange rates, availability of key personnel, the effect of competition, government regulation of its business, computer failure or security breaches, future capital requirements, acceptance of its products in the marketplace, its operating cost structure, the current tax regime and the ability of Olympia to obtain necessary third-party and governmental approvals, as applicable.