Loyalist reports decrease in revenues for Q2

The Loyalist Insurance Group Limited announced revenues for the company decreased Cdn$76,173 from Cdn$473,953 in 2006 Q2 to Cdn$397,790 in 2007 Q2.
Total company expenses were down from Cdn$613,397 in 2006 Q2 to Cdn$586,644 in 2007 Q2.
The company reported a net loss of Cdn$198,864 in 2007 Q2 as compared to a net loss of Cdn$98,444 in 2006 Q2.
Since being subject to cease trading orders issued by securities regulators in British Columbia, Ontario and Alberta, Loyalist Insurance Group Limited has committed substantial financial resources and efforts towards the revocation of these orders. The orders were revoked as of May 25 and on June 7 trading resumed, according to a release.
The Cease Trade Orders from all commissions were revoked and have brought the Company into full compliance with regulators, a release issued by Loyalist Insurance Group Limited reports. The Company is compliant as a reporting issurer. The Company has incurred extraordinary expenses relating to legal and accounting fees.
Loyalist Insurance Brokers Limited (LIB), a subsidiary of the company, incurred Cdn$55,000 in legal fees as a result of a binding arbitration regarding a commission dispute pursuant to a contractual arrangement with a third party insurer. LIB was unsuccessful in the dispute, which was in the amount of approximately Cdn$370,000.