INDIANAPOLIS, Nov. 16 /PRNewswire-FirstCall/ -- Standard Management Corporation ("Standard Management" or the "Company") (OTC Bulletin Board: SMAN), an Indianapolis-based company, provides through Universal Healthcare Company, LLC ("Universal" or "UHCC") pharmaceuticals to the long-term care and infusion therapy sector of the healthcare industry, today announced the signing of a definitive stock purchase agreement to sell its specialty pharmacy, Precision Healthcare of Nashville, Tennessee, and a parcel of undeveloped real estate to the Schmidt Family Trust of Henderson, Nevada.
Chairman, President and Chief Executive Officer, Ronald D. Hunter, stated "The transaction allows Standard Management to further enhance its balance sheet by eliminating approximately $3 million in debt and liabilities."
Mr. Hunter continued, "The Company through UHCC is focusing on larger institutional pharmacies that are more of a pure play in the long term care market with skilled nursing facilities and assisted living facilities."
This press release contains "forward-looking statements" within the meaning of section 27 A of the Securities Act of 1933. The use of the words "believe," "expect," "anticipate," "intend," "may," "estimate," "could," "plans," and other similar expressions, or the negations thereof, generally identify forward-looking statements. Forward-looking statements in this press release include, without limitation, the ability of the Company to address the factors sighted by our independent auditors as a basis for their qualified audit opinion, the performance and growth of our business, potential future acquisitions, and their impact on the Company's performance. These forward- looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, but are not limited to the ability of our management team to successfully operate a health services business with limited experience in that industry; our ability to expand our health services business both organically and through acquisitions, including our ability to identify suitable acquisition candidates, acquire them at favorable prices and successfully integrate them into our business; general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect our ability to obtain the proposed capital and additional capital when needed and on favorable terms; customer response to new products, distribution channels and marketing initiatives; and increasing competition in the sale of our products.
We caution you that, while forward-looking statements reflect our good faith beliefs, these statements are not guarantees of future performance. In addition, we disclaim any obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Standard Management is a holding company headquartered in Indianapolis, IN. Information about the Company can be obtained by calling the Investor Relations Department at 317.574.6210 or via the Internet at http://www.SMAN.com.
|SOURCE Standard Management Corporation|
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