Echelon Financial Holdings Inc. Refiles Second Quarter Results

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Canada NewsWire

TORONTO, Sept. 10, 2020

TORONTO, Sept. 10, 2020 /CNW/ - Echelon Financial Holdings Inc. (TSX: EFH) ("EFH" or the "Company") announces that it has refiled its interim financial statements and accompanying management discussion and analysis for the three and six months ended June 30, 2020. The previously filed interim financial statements, related MD&A and press release, filed on August 20, 2020, contained the following statement:

"Based on outside legal counsel review and Insurance Bureau of Canada guidance, ICPEI does not believe that business interruption claims from pandemic COVID-19 are covered perils."

Although the Insurance Bureau of Canada has made a statement that "generally, commercial insurance policies and traditional business interruption policies do not offer coverage for business interruption or supply chain disruption due to a pandemic such as COVID-19", it has not provided specific coverage guidance to ICPEI. The Company has amended the above statement without reference to the Insurance of Bureau of Canada guidance as follows:

"Based on outside legal counsel review, ICPEI does not believe that business interruption claims from pandemic COVID-19 are covered perils".

The remainder of the interim financial statements and accompanying management discussion and analysis for the three and six months ended June 30, 2020, as previously filed, remains unchanged.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit efh.ca

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SOURCE Echelon Financial Holdings Inc.

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