What’s New: In Brief (December 13, 2007)

The Loyalist Insurance Group Limited has sold its retail insurance brokerage asset to Brownstone Holdings Inc.
The estimated proceeds to Loyalist will be approximately Cdn$5 million in cash, according to a Loyalist release. This transaction is expected to close in January 2008 and is subject to final regulatory and shareholder approval.
The proceeds will be used for general corporate purposes, including the repayment of all corporate liabilities.

BUS Systems Inc. reported a net loss of Cdn$528,773 for 2008 Q2, compared to a loss of Cdn$127,492 over the prior fiscal year.
For the first six months of the fiscal year, the company reported a net loss of Cdn$920,157, compared to a loss of Cdn$132, 215 for the same period of the last fiscal year.
“The emphasis in recent months has been on the penetration of the BUS solution with collision repairers,” Claude Savard, president and CEO of BUS, said in a press release. “The launch of BUS Manager late in the second quarter and the refocusing of our resources on sales should enable us to increase revenues in the coming quarters.”
The company says it has adapted its product line in the past months to enable the repairer networks to better support their members in this transition. As well, the company has started the development of an application for repairer networks that will enhance the pertinence of using an integrated network solution the release notes.