Citizens Insurance to acquire American Investment Network.AUSTIN, Texas--(BUSINESS WIRE)--October 30, 1996--Citizens, Inc. (AMEX AMEX See: American 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). )("Citizens") and American Investment Network, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GANI GANI Graal Animation (computer game) ) ("American") jointly announced that a definitive agreement had been reached whereby Citizens Insurance Company of America ("CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) "), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citizens, will acquire 100% of the outstanding shares of American for shares of Citizens Class A Common Stock. American, headquartered in Jackson Miss., is the parent of United Security Life Insurance Company, also of Jackson, Miss. ("United"). Pursuant to the terms of the Agreement, which is subject to approval by American's shareholders and regulatory authorities, CICA will issue one share of Citizens Class A Common stock it owns for each 7.2 shares of American issued and outstanding. CICA expects to issue approximately 700,000 shares of Citizens common stock, valued at $6.3 million, to consummate the transaction. American and United will continue to operate as subsidiaries of CICA following the transaction which is expected to close in early 1997. Citizens has consolidated assets of $208.9 million, revenues of $60 million and capital of $65.7 million. American has consolidated assets of $7.5 million, revenues of $3.5 million and capital of $3.5 million. Citizens also owns American Liberty Life Insurance Company of Baton Rouge, La., and Central Investors Life Insurance Company of Peoria, Ill. CONTACT: Citizens, Inc. Mark A. Oliver 512/837-7100 or American Investment Network Harold Crumpler 601/936-2090 |
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