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Press Press Releases 2003 Pethealth Inc. Reports a 389% Increase in Policy Sales for Q1 2003. OAKVILLE, ON, April 9, 2003 Pethealth Inc. (TSX Venture Exchange Tier 1: PTZ) announced today record policy sales for Q1 2003, through its wholly owned PetCare insurance brokerage and agency operations. For Q1, the Company reported a total of 46,854 policy sales, consisting of 10,361 core policy sales and 36,493 ShelterCare policy sales. Total sales for Q1 2003 represent a 389% increase over Q1 2002, with core policy sales increasing 101% over the same quarter last year and ShelterCare policy sales rising 725% over the same quarter last year. The Company also reported that it ended Q1 2003, with 72,737 paid policies in force, comprised of 47,946 core policies and 24,791 ShelterCare policies in force, representing a 149% increase from the 29,245 policies outstanding as at March 31, 2002, when the Company reported having 25,578 core policies and 3,667 ShelterCare policies in force. Total policy sales in Q1 2003 were also up 25% from Q4 2002 policy sales. Core policy sales for Q1 rose 28% over Q4 2002. Meanwhile, ShelterCare policy sales increased 25% from those recorded in Q4 2002. "We are delighted with the continued growth in our business. Despite global uncertainty, which has affected consumer spending in other parts of the North American economy, the significant increase in policy sales, both over Q1, 2002, as well as vs Q4, 2002, continues to speak well for our distribution model for pet insurance and for the long-term prospects of the Company," said Mark Warren, President and Chief Executive Officer. "With our recent announcements of additional strategic alliances with MemberWorks and Colleague Services Corporation/Lockton Associates, and the expected launch of our 24PetWatch microchipping and database recovery business in the United States during Q2, we have high expectations for continued strong policy growth over the remainder of 2003." About Pethealth Inc. Founded in February 1998, Pethealth is Canada's number one provider of pet insurance and is number two in the United States, currently offering its PetCare pet insurance programs in 9 provinces, 45 states and Washington, D.C. Pethealth offers its pet insurance programs under a variety of names, including QuickCare, the PetCare Pet Insurance Programs, Union Plus Pet Insurance, and betterpethealth. In the United States, the PetCare Pet Insurance Programs are underwritten by Lincoln General Insurance Company, York, PA, through Avalon Risk Management Inc. In Canada, the Company's pet insurance is offered to owners of dogs and cats through its wholly owned subsidiary, PetCare Insurance Brokers Ltd. ING Insurance Company of Canada, a member of the ING Group, and Kingsway General Insurance Company underwrite PetCare products in Canada. The PetCare programs also carry the exclusive endorsements of a number of industry leaders, including veterinary medical associations representing approximately four out of five practicing veterinarians in Canada. In addition, Pethealth, through its wholly owned subsidiary Pethealth Services Inc., sells and distributes Allflex pet microchip supplies to the companion animal market in North America and operates the related pet recovery registry under the trade name 24PetWatch. Pethealth is based in Oakville, Ontario. Institutional investors include Dynamic Mutual Funds, through its Dynamic Venture Opportunities Fund. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Not for dissemination in the United States of America or to United States news wire services. For further information contact: |
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