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Press Press Releases 2003 Pethealth Inc. Reports Record Policy Sales for Q2 2003 OAKVILLE, ON, July 10, 2003. Pethealth Inc. ("Pethealth" or "the Company") (TSX Venture Exchange Tier 1: PTZ) today announced record new policy sales for Q2 2003 through its wholly owned PetCare broker and agency operations. For the quarter the Company reported a total of 54,497 new policy sales, an increase of 173% over the same period in 2002. This record number consisted of 11,736 new core and 42,761 new ShelterCare policy sales. Both core and ShelterCare policy sales also represent quarterly records for the Company. Pethealth also reported that at the end of Q2 2003 it had 85,964 paid policies in force, up 117% from the same period in 2002. Of this total number of policies in force, 55,578 were core policies and 30,386 were ShelterCare policies, representing increases of 82% and 235% respectively over the number of core and ShelterCare policies outstanding as at June 30, 2002. "We are delighted to again report record quarterly policy sales," said Mark Warren, President and Chief Executive Officer. "Furthermore, our expectation is for this strong sales growth to continue. Program testing with some of our newer partners has been positive, thus allowing for broader based rollouts during the remainder of the year. Additionally, by the end of the quarter our 24PetWatch microchip distribution and pet registry recovery program launched in Q1 was beginning to have a positive impact on policy growth, which is expected to accelerate over the course of the year." About Pethealth Founded in February 1998, Pethealth is Canada's number one provider of pet insurance and is number two in North America, currently offering its PetCare pet insurance programs in 10 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 and Union Plus Pet Insurance. 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 Novex, 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 practising veterinarians in Canada. In addition, Pethealth, through its wholly owned subsidiaries Pethealth Services Inc. and Pethealth Services (USA) 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. Statements contained in this news release, if not historical, are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the results described in forward-looking statements. Not for dissemination in the United States of America or to United States news wire services. For further information, please contact: |
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