Citizens Inc. to Acquire Life Insurance Holding Company.Business Editors and Insurance Writers AUSTIN, Texas--(BUSINESS WIRE)--Nov. 11, 2002 Citizens Inc. (NYSE NYSE See: New York Stock Exchange :CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). ), announced a definitive agreement to acquire all outstanding shares of First Alliance Corporation ("First Alliance") for shares of Citizens Class A Common stock to be offered through a prospectus. First Alliance is the parent of First Alliance Insurance Company, a Kentucky life insurer. The agreement is subject to approval by First Alliance's shareholders and insurance regulatory authorities in Kentucky, Missouri and Arkansas. The exchange will be based upon a market value of $3.02 per share for First Alliance, while the price for the Citizens shares will be based upon its average 20-day price preceding closing. The transaction is valued at approximately $17.2 million. Following the closing, which is expected in the first half of 2003, First Alliance will continue to operate from its offices in Lexington, Ky., with its current staff. About Citizens Inc. Citizens Inc. is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company whose growth strategy is to achieve $1 billion in assets, $250 million in revenues and $10 billion of life insurance in force by 2010 targeting the sale of U.S. dollar whole life insurance policies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as well as world-wide and through the acquisition of other life insurance companies. Citizens is included in the Russell 2000(R) Index, which measures the performance of the largest companies in the U.S. stock market based on market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . Citizens' stock closed at $7.99 on Nov. 8, 2002. Additional information is available at the Company's Web site: www.citizensinc.com. Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which can be identified by words such as "may," "will," "expect," "anticipate" or "continue" or comparable words. In addition, all statements other than statements of historical facts that address activities that the Company expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of the Company, particularly its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Dec. 31, 2001, for the meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management. |
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