(November 21 – 15:30 ET) – Equisure Financial Network Inc. released its nine-month results, today. For its first nine months, ending September 30, consolidated revenue rose 40% to $60.7 million from $43.2 million in the same period of 1999.

Earnings before interest, taxes, depreciation and amortization also increased significantly in the same period, rising to $13.4 million at September 30, 2000, a 40% increase over the $9.6 million at September 30, 1999. Earnings before interest, taxes, depreciation and amortization per share increased to $0.61 at September 30, 2000, from $0.46 in the same nine month period in 1999.

Net income was up marginally to $2.88 million from $2.78 million in the corresponding period of 1999. The increase was actually greater; however, $0.48 million of one time costs related to the pending sale of the Corporation was expensed in third quarter 2000.

Earnings per share from continuing operations for the first nine months of 2000 of $0.13 is unchanged from the same period in 1999. The EPS for the third quarter 1999 of $0.36 was comprised of $0.13 from continuing operations and $0.23 from a gain on sale of discontinued operations. The average number of common shares outstanding at September 30, 2000, increased by 6% to 22.1 million shares from 20.9 million shares at September 30, 1999.

At September 30, 2000, the Corporation’s assets exceeded $261.5 million, an increase of 16% over the $225.3 million at September 30, 1999. Shareholders equity in the same period remained virtually unchanged at $93.8 million.

In March 2000, the Board of Directors formed an independent committee of the Board, composed entirely of outside director, to seek out, identify, analyze and recommend potential parties who may wish to make a takeover offer for the shares of the Corporation.

On August 25, 2000, as a result of a recommendation from the Independent Committee, the Board of Directors announced an agreement with ING Canada. ING agreed to make a takeover offer to the shareholders of Equisure, for 100% of Equisure’s outstanding common shares at a price of $7.00 per share.

On September 29, 2000, ING mailed to the shareholders of Equisure the takeover circular. On that same date the Board of Directors mailed to the shareholders the Directors Circular wherein the Board recommends that shareholders accept the ING offer. The offer is open to November 24, 2000.
-IE Staff