Management buys stock
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Friday April 6, 10:05 am Eastern Time
Press Release
Healthaxis Announces Management Stock Purchase
EAST NORRITON, Pa.--(BUSINESS WIRE)--April 6, 2001--Healthaxis, a leading provider of Web enabling software solutions for
healthcare payers and intermediaries, today announced that James W. McLane, President and CEO, and 14 other members of its
executive and senior management team, and certain current and former directors, have purchased from an unrelated third party
1,035,725 shares of the Company's common stock in a privately negotiated transaction.
According to Mr. McLane, who personally purchased 250,000 shares, ``The recent change in the stock price of Healthaxis created what we believe is a very attractive
investment opportunity. With our share price reflecting less than a one-times revenue basis, with our new, highly focused management team, and with the anticipation of
executing on our business plan in the markets we serve, we believe our stock is an attractive investment value. The individual commitments made by many members of
the senior management team reflect management's confidence in Healthaxis' prospects for success.''
The purchase was endorsed by the Board of Directors of Healthaxis, which also approved and implemented a one-time loan aggregating $154,700 to partially assist its
management team in purchasing the shares. The loans are subject to a three-year note, collateralized by 100% of the shares purchased, with simple interest at the
current prime rate. The purchase was from one shareholder at $0.60 per share.
ABOUT HEALTHAXIS
Healthaxis develops and implements state-of-the-art software solutions for healthcare benefits administration and distribution. These solutions reduce costs, improve
productivity, promote efficiency, and enhance customer service. Healthaxis develops innovative solutions that offer businesses in the healthcare industry strategic
advantages by quickly and efficiently connecting payers, providers, administrators, brokers, employers, and consumers (members/patients/employees).
Healthaxis technology solutions enable customers to remain compliant with evolving federal regulations such as HIPAA. Healthaxis products and services support
customers by easily integrating flexible Internet-based applications - matching the customer's way of doing business with the demands of the Internet marketplace.
Healthaxis Inc. (NASDAQ:HAXS - news) - For investor information, call 610/275-3800. For information on Healthaxis products and software solutions call
800/519-0679 or visit www.healthaxis.com. Healthaxis, e-powering healthcare.
Note on forward-looking statements: All statements, trend analyses and other information contained in this release and elsewhere (such as in filings by Healthaxis Inc.
with the Securities and Exchange Commission, press releases, presentations by Healthaxis Inc. or its management or oral statements) relative to markets for Healthaxis'
products and trends in Healthaxis' operations or financial results, as well as other statements including words such as ``anticipate,'' ``believe,'' ``plan,'' ``estimate,''
``expect,'' ``intend,'' ``should,'' ``could,'' ``goal,'' ``target,'' ``on track,'' ``comfortable with,'' ``optimistic'' and other similar expressions, constitute forward-looking statements
under the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different
from those contemplated by the forward-looking statements.
Such factors include, among other things: (1) general economic and business conditions, including changes in purchasing patterns, prevailing interest rate levels, stock and
credit market performance and health care inflation, which may affect (among other things) Healthaxis' ability to sell its products and have access to capital resources;
(2) Healthaxis' ability to achieve anticipated levels of operational efficiencies; (3) customer response to new products, distribution channels and marketing initiatives; (4)
changes in the Federal income tax laws and regulations; (5) increasing competition in the sale of software solutions for the healthcare industry; (6) regulatory changes or
actions, including health care regulation affecting the health insurance industry and software solutions products related to this industry; (7) actions by rating agencies and
the effects of past or future actions by these agencies on Healthaxis' business; and (8) the risk factors or uncertainties listed from time to time in Healthaxis' filings with
the Securities and Exchange Commission.
Contact:
Healthaxis Inc.
Steven M. Kaplan, 610/275-3800
skaplan@healthaxis.com |
