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STANDARD MANAGEMENT CORPORATION ANNOUNCES PROPOSED EUROPEAN ACQUISITION

 INDIANAPOLIS, Sept. 27 /PRNewswire/ -- Standard Management Corporation ("SMC" and the "company") (NASDAQ: SMAN) today announced it had signed a "Letter of Intent" to acquire a European domiciled insurance holding company and its subsidiaries. The proposed acquisition is subject, among other things, to negotiation of definitive documentation and final approval by all regulatory authorities. Full details will be announced upon signing of the stock purchase agreement.
 The proposed acquisition has approximately $100 million in assets with approximately 4,000 policies in force in eight countries.
 Its product line is broad-based. The majority of its business is "unit linked." These products have a death benefit coupled with a range of investment/savings choices. It also has a traditional product line very similar to whole life insurance policies offered in the United States.
 The announcement was made by Ronald D. Hunter, chairman of the board and CEO of SMC.
 According to Hunter, this proposed acquisition adheres to the company's ongoing business philosophy of growing both externally and internally through acquisitions of small to medium sized companies and through distribution of insurance products.
 "This proposed acquisition also blends extremely well with our recent announced alliance with Salamandra Joint-Stock Insurance Company in Ukraine," Hunter stated. "With this proposed acquisition, our company would be on the cutting edge of marketing products across the entire European Continent."
 -0- 9/27/93
 /CONTACT: Norman W. Wilkens of Standard Management Corporation, 317- 574-5221/
 (SMAN)


CO: Standard Management Corporation ST: Indiana IN: INS SU: TNM

AR -- CL004 -- 0619 09/27/93 12:00 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
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