Alliance HealthCard, Inc. Announces Acquisition of Access Plans USA, Inc.
November 14 2008 - 10:03AM
Marketwired
Alliance HealthCard, Inc. (OTCBB: ALHC), a national marketing
company specializing in the design, distribution and marketing of a
broad range of consumer discount services, announced today the
signing of a definitive agreement for the acquisition of Access
Plans USA, Inc. (NASDAQ: AUSA). Access Plans develops and
distributes consumer driven discount plans on a variety of health
related services such as medical, dental, pharmacy and vision care
and manages its own proprietary dental and vision networks.
Additionally, the company manages the largest independent agent
network in the country for the marketing of individual major
medical health insurance.
The agreement provides that at closing, Alliance will issue up
to 7.25 million shares of its common stock to Access Plans
shareholders. It is expected that at closing, which is expected to
occur in the first calendar quarter of 2009, Access Plans
shareholders will own approximately one-third of the total
outstanding shares of Alliance.
Danny Wright, Chairman and CEO of Alliance, said, "The addition
of Access Plans to our platform gives us accretive opportunities
through additional vertical integration and consolidation as well
as enhanced shareholder value opportunity through greater top line
revenue, earnings growth and expanded share float. We are totally
focused on the fundamentals that drive share price and are
confident that the metrics of this transaction meet the criteria
for both companies."
The closing of the transaction is contingent on approval by
Access Plans' shareholders, Access Plans' expected divestiture of
its Regional Healthcare Division and other matters.
About Alliance HealthCard
Alliance HealthCard, Inc. (OTCBB: ALHC) is a leading provider of
consumer membership plans offering access to networks which provide
discounts to the consumer on a variety of products and services
ranging from medical, dental and pharmacy to groceries,
restaurants, travel, automotive and a host of others. The company
also designs and markets in its consumer package specialty
insurance and warranty products on the goods its marketing clients
sell to their customers. The Company's plans are sold to consumers
primarily through retail, rent to own, financial and consumer
finance clients. Alliance HealthCard performs turnkey programs
including design and fulfillment of marketing pieces and collateral
support material, network support, customer service, regulatory
compliance, and billing. Alliance HealthCard was listed number 15
on the 2008 Atlanta Journal Constitution's top 100 list of Georgia
public companies and recently announced the move of its executive
offices to Norman, Oklahoma. For more information on Alliance
HealthCard, Inc. please visit: www.alliancehealthcard.com.
About Access Plans USA
Access Plans USA (NASDAQ: AUSA) distributes a broad array of
health insurance products to individuals and families and
non-insurance health care discount programs to affordably address
the needs of uninsured or underinsured individuals. The company is
committed to providing products and administrative services that
work for our customers. For more information on Access Plans USA,
Inc. please visit: www.accessplansusa.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act:
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, Section 27A of the Securities Act of 1933, as amended
and pursuant to the Private Securities Litigation Reform Act of
1995. Such forward-looking statements may relate to financial
results and plans for future business activities, and are thus
prospective. Such forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Among the important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements are competitive pressures, loss of
significant customers, the mix of revenue, changes in pricing
policies, delays in revenue recognition, lower-than-expected demand
for the Company's products and services, general economic
conditions, and the risk factors detailed from time to time in the
Company's periodic reports and registration statements filed with
the Securities and Exchange Commission. Any forward-looking
statements are made pursuant to the Private Securities Litigation
Reform Act of 1995 and, as such speak only as of the date made.
Contact: Tom Kiser Alliance HealthCard 770-734-9255 ext. 206
Email Contact Contact: Nancy Zalud Access Plans USA 972-915-3218
Email Contact
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