Alliance HealthCard, Inc. Completes Acquisition of Access Plans USA, Inc.; New Board of Directors Members Named
April 01 2009 - 7:00AM
Marketwired
Alliance HealthCard, Inc. (OTCBB: ALHC), a leading provider of
health discount and lifestyle benefits, has announced the
completion of its acquisition of Access Plans USA, Inc., (NASDAQ:
AUSA). Access Plans markets health insurance and 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.
Alliance HealthCard has issued 6,800,000 shares of its Common
Stock to holders of Access Plans USA Common Stock, under the terms
of the Agreement and Plan of Merger previously filed with the
Securities and Exchange Commission (SEC). As of April 1, 2009,
Access Plans, through a filing of Form 15 with the SEC, has
terminated registration of its shares.
Danny Wright, Chairman and CEO of Alliance, said, "The addition
of Access Plans to our platform provides opportunities for cost
savings through additional vertical integration and consolidation
as well as enhanced shareholder value opportunity through greater
top line revenue. This merger also further diversifies our Company
through the addition of America's Health Care Plans (AHCP), the
largest independent agent network in the country for the marketing
of individual major medical health insurance."
Pursuant to the merger agreement, J. French Hill and Russell
Cleveland, former Directors of Access Plans, have been named to the
Board of Directors of Alliance HealthCard.
Also pursuant to the merger agreement, Robert Garces and Thomas
Kiser have resigned from the Alliance HealthCard Board of
Directors. Garces and Kiser, founders of Alliance HealthCard, will
remain as advisors to the Board and as consultants to the Company,
although they will not continue as executive officers. In addition,
Dr. Kent H. Webb, founder of the predecessor company to Access
Plans and a former member of the Board of Directors of Access
Plans, has been named medical advisor to the Alliance HealthCard
Board of Directors.
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. The Company also manages America's Health
Care Plans (AHCP), the largest independent agent network in the
country for the marketing of individual major medical health
insurance.
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: Nancy Zalud Vice President -- Communications
972-915-3218
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