Standard Management Announces Sale of Assets of Long Term Rx, Inc.
October 23 2006 - 3:33PM
PR Newswire (US)
INDIANAPOLIS, Oct. 23 /PRNewswire-FirstCall/ -- Standard Management
Corporation ("Standard Management" or the "Company")
(OTC:SMANOTC:SMANP) (BULLETIN BOARD: SMAN, SMANP) , an
Indianapolis-based provider of pharmaceuticals to long-term care
and infusion therapy patients, announced today the sale of the
assets of Long Term Rx, Inc. to Omnicare, Inc. of Covington, KY.
Long Term Rx, Inc. began operations in 1995 and has annualized
revenue of $8.9 million. The entire purchase is payable in cash.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010416/STANDARDLOGO )
Ronald D. Hunter, Chairman, President and Chief Executive Officer
stated, "This transaction follows the Company's recent strategy to
develop regional pharmacies with a larger revenue base capable of
serving multiple locations in the same service area." "After 18
months of operational development, Standard Management's refined
model places the Company in position to take advantage of our
target demographics in the skilled nursing and assisted living
sector of healthcare," concluded Mark Long, the Company's Executive
Vice President, Pharmacy Operations. 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
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; reduction of corporate expenses; 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, Indiana. Information about the
Company can be obtained by calling the Investor Relations
Department at (317) 574-2059 or via the Internet at
http://www.sman.com/ .
http://www.newscom.com/cgi-bin/prnh/20010416/STANDARDLOGO
http://photoarchive.ap.org/ DATASOURCE: Standard Management
Corporation CONTACT: Ron Hungerford, Investor Relations of Standard
Management Corporation, +1-317-574-2059 Web site:
http://www.sman.com/
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