TORONTO, July 23, 2018 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (“Crosswinds” or the “Company”) (TSX:CWI) provided an update today in relation to its previously-disclosed strategic process.

Further to the Company’s announcement on June 22, 2018 of the determination by its Board of Directors (the “Board”) that it is in the best interests of the Company to distribute all of its available capital, Crosswinds announced that it has given working notice of termination to Colin King, its Chief Executive Officer, and to Helen Martin, its Chief Operating Officer.

J. Roy Pottle, the Chairman of the Board, said: “Colin has been the driving force for Crosswinds.  Our Company has benefited from his determination, vision, creativity and talent, and the Board is grateful.”  Mr. Pottle continued: “Helen has been an indispensable asset for Crosswinds.  She has provided invaluable service in administering the affairs of our Company, and her efforts are well appreciated.”

As previously disclosed, the Company intends to hold a special shareholder meeting in the third quarter to seek approval for a monetization event.

Crosswinds Holdings Inc.

Crosswinds is a publicly traded private equity firm and asset manager that has been targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.

More information

J. Roy Pottle
Tel:  1-508-344-2640  info@crosswindsinc.com   www.crosswindsinc.com

Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.  These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company’s most recent Annual Information Form, in the Management’s Discussion and Analysis for the year ended December 31, 2017 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, receipt of shareholder approval, timing and ability to maintain continued listing on the TSX, outcome of assessment of any new alternatives available to the Company, general economic and market factors, tax related matters, loss of personnel, reliance on key personnel, the ability of the Company to execute its strategies from time to time; the receipt of any regulatory approvals or consents required from time to time.