Cobalt Corporation Formally Disclaims Control of American Medical Security Group, Inc.Business Editors/Health & Medical Writers MILWAUKEE--(BUSINESS WIRE)--Dec. 16, 2002 Cobalt Corporation (NYSE NYSE See: New York Stock Exchange :CBZ CBZ Carbamazepine CBZ Carbobenzoxy CBZ Centrale Burgerlijke Ziekeninrichting (Dutch) ) reported today that it has completed filings with the Securities and Exchange Commission and the Wisconsin Office of the Commissioner of Insurance formally disclaiming "control" of American Medical Security Group, Inc. (NYSE:AMZ AMZ see australian Milking Zebu. ). Cobalt owned approximately 45% of the outstanding stock of AMZ on January 1, 2002, but has since sold approximately 4.8 million shares and now owns 11.9% of AMZ's outstanding stock. In addition, on March 19, 2002, Cobalt entered into an agreement under which Cobalt agreed to substantial restrictions on the voting of its AMZ shares, and also agreed not to acquire more shares of AMZ. Under these circumstances, said Steve Bablitch, Cobalt Corporation Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , it was clear that Cobalt was no longer in a position to exercise control over AMZ. The impact of this disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the of control is to reduce Cobalt's regulatory capital requirement associated with owning AMZ shares. Additionally, future sale of AMZ common stock will not be subject to SEC Rule 144 limitations. "This regulatory recognition of the real relationship between our companies provides us maximum flexibility regarding the retention or sale of the remainder of our AMZ holdings," said Steve Bablitch. Cobalt Corporation is the Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. for the state of Wisconsin and an independent licensee of the Blue Cross Blue Shield Association. It is one of the leading, publicly traded health care companies in the nation, offering a diverse portfolio of complementary insurance and managed care products to employer, individual, insurer and government customers. Headquartered in Milwaukee and formed by the combination of Blue Cross & Blue Shield United of Wisconsin and United Wisconsin Services, Inc., Cobalt Corporation serves 1.2 million lives in 50 states. For more information, visit our web site at www.cobaltcorporation.com. |
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