Deep South Remains Private Company After North American Insurance Leaders'
Stockholder Vote
IRVING, Texas, March 25 /PRNewswire/ -- Deep South will remain private
following a no-vote today by stockholders on the $175,000,000 securities
purchase agreement between Deep South and North American Insurance Leaders,
Inc. (Amex: NAO).
Under the rules for a special purpose acquisition corporation, only
20 percent of the voting stockholders need to vote against the board's
business combination proposal, in order to prevent completion of a proposed
transaction.
"It is apparent the very weak public financial market conditions weighed
heavily on the decisions made by the current NAIL stockholders," said Deep
South President David Disiere. "In its 41 year history, 2007 was Deep South's
best year in terms of earnings and underwriting profitability and the company
is uniquely positioned for continued growth and profitability into the
foreseeable future.
"During the past year, Deep South's employees and management team have
developed great personal and professional respect for NAIL's officers and
board members and wish them the best in their future endeavors," said Disiere.
About Deep South
Founded in 1967, Deep South is a full service distributor of commercial
insurance products. Deep South markets its products through more than 2,200
independent agents in 37 states.
SOURCE Deep South
Allison Griffin of Griffin Strategies, Inc., +1-214-704-3630, for Deep South
