INDIANAPOLIS, March 9 /PRNewswire-FirstCall/ -- Standard Management Corporation (“Standard Management” or the “Company”) an Indianapolis-based provider of pharmaceuticals to the long-term care and infusion therapy market, announced that at a special shareholder meeting held March 8, 2006, the Company’s shareholders approved proposals to increase the authorized common stock of the Company from 40 to 60 million shares and for the issuance of more than 20% of the Company’s outstanding shares. Both proposals were approved by more than 84% of shares voting. Shareholders’ approval was necessary to provide enough shares to finalize the Company’s previously announced capital plan.
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Emerging in 2005 as a provider of pharmaceuticals to the long-term care industry, the Company has generated approximately $60 million of annualized revenue through acquisitions and organic growth. The Company expects to close acquisitions in the first and second quarter of 2006 achieving Company expectations. “All acquisitions made in 2005 have been and are expected to be accretive to corporate earnings in the future,” stated Ronald D. Hunter, Chairman, President and CEO, who presided over the meeting.
Mr. Hunter concluded, “We continue to execute our business plan of strategic acquisitions, and combined with current operations, we anticipate reaching our goal of $200-$300 million in annualized revenue by year-end 2008.”
This press release contains “forward-looking statements” within the meaning of section 27 A of the Securities Act of 1933. The use of the words “believe,” “expect,” “anticipate,” “intend,” “may,” “estimate,” “could,” “plans,” and other similar expressions, or the negations thereof, generally identify forward-looking statements. Forward-looking statements in this press release include, without limitation, the ability of the Company to enter into agreements for and close the proposed financing transactions, the performance and growth of our business, potential future acquisitions, and their impact on the Company’s performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, but are not limited to the ability of our management team to successfully operate a health services business with limited experience in that industry; our ability to expand our health services business both organically and through acquisitions, including our ability to identify suitable acquisition candidates, acquire them at favorable prices and successfully integrate them into our business; general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect our ability to obtain the proposed capital and additional capital when needed and on favorable terms; customer response to new products, distribution channels and marketing initiatives; and increasing competition in the sale of our products.
We caution you that, while forward-looking statements reflect our good faith beliefs, these statements are not guarantees of future performance. In addition, we disclaim any obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Standard Management is a holding company headquartered in Indianapolis, IN. Information about the Company can be obtained by calling the Investor Relations Department at 317-574-5221 or via the Internet at http://www.SMAN.com .
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CONTACT: Michael B. Berry, Investor Relations of Standard ManagementCorporation, +1-317-574-5221
Web site: http://www.sman.com/
