Independence Holding Company Reports $4.6 Million Net Gain on Sale of Subsidiary to American Independence Corp.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 14, 2002 Independence Holding Company ("IHC IHC Immunohistochemistry IHC Intermountain Health Care IHC Inner Hair Cells IHC International Harvester Company IHC Internet Healthcare Coalition IHC Indian Head Cent IHC Interactive Health Communication IHC International Hurricane Center ") (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 : INHO) today announced a gain of approximately $4.6 million or $.57 per share, diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , after taxes and associated expenses on the sale of Independence American Holdings Corp. ("IAHC See Internet Ad Hoc Committee. "), formerly First Standard Holdings Corp., to SoftNet Systems, Inc. ("SoftNet") (NASDAQ: SOFN) for $31.92 million cash. IAHC and its wholly-owned subsidiaries are engaged in the insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business. SoftNet, which is now known as American Independence Corp. ("AMIC Am´ic a. 1. (Chem.) Related to, or derived, ammonia; - used chiefly as a suffix; as, amic acid; phosphamic acid. s> Amic acid (Chem. "), was previously a holding company principally engaged in providing internet services, and is now an insurance holding company. American Independence Corp. will begin trading on NASDAQ under the symbol AMIC starting tomorrow. IHC owns 19.9% of the stock of AMIC and AMIC's operations are being directed by IHC management and employees pursuant to a services agreement. Roy Thung, Chief Executive Officer of IHC commented "We are pleased with the sale of IAHC which results in the recognition of a net gain of $4.6 million or $.57 per share, diluted, to IHC. The sale will provide IHC with additional cash liquidity while allowing it to maintain a substantial equity interest in AMIC and resulting equity income from such ownership. IHC's subsidiaries intend to cede additional premiums to AMIC and believe that under the direction of our experienced management team, IHC and AMIC will continue to work together to use AMIC's cash productively." IHC is a holding company engaged principally in the life and health insurance business and the acquisition of blocks of policies through Standard Security Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Madison National Life Insurance Company, Inc. Standard Security markets employer medical stop-loss, long-term and short-term disability, and group life and managed health care products. Madison Life sells group life and disability, employer medical stop-loss, credit life and disability and individual life insurance. Some of the statements included herein may be considered to be forward looking statements which are subject to certain risks and uncertainties. Factors which could cause the actual results to differ materially from those suggested by such statements are described from time to time in IHC's filings with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion