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Non-Tech : pamc -- Ignore unavailable to you. Want to Upgrade?

To: port_mgr who wrote (58)	8/27/1998 12:38:00 PM
From: Steven M. Kaplan	Read Replies (1) \| Respond to of 570

Provident American Corporation Selects ING Baring Furman Selz as its Investment Bank NORRISTOWN, Pa.--(BUSINESS WIRE)--Aug. 27, 1998--Provident American Corporation (OTC Electronic Bulletin Board:PAMC) announced today that it has retained the services of ING Baring Furman Selz LLC as its investment bank to act as the Company's financial advisor in matters related to HealthAxis.com, Provident's electronic subsidiary. Among other things, the investment bank may pursue private and/or public funding strategies. Alvin H. Clemens, Chairman and Chief Executive Officer of Provident American, stated, "We are pleased to have retained the services of ING Baring Furman Selz as we continue to position HealthAxis.com as the leader in the electronic distribution of health insurance. The expertise of our investment bank will play an integral role in our efforts to maximize value for Provident American's shareholders." ING Baring Furman Selz LLC is an indirect, wholly-owned subsidiary of ING Group, N.V. headquartered in New York specializing in research, investment banking, institutional brokerage and money management services. The firm provides specialized products and services including arbitrage, capital raising and corporate finance, equity and high yield research, sales and trading, merchant banking, prime brokerage services and offshore administration and private asset management. The Provident American is an insurance holding company specializing in the marketing of managed-care health insurance through the underwriting of unique, affordable health care and life policies to individuals and small businesses, a $75 billion annual premium market. HealthAxis.com, a subsidiary of Provident American Corporation, is the pioneer in the electronic distribution of health insurance to the individual and small group markets. Through its interactive, user-friendly Web site, healthaxis.com, to be launched in Fall of 1998, HealthAxis.com will provide customers with access to and the ability to purchase a full range of high quality, flexible insurance products and services at very competitive prices. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made by the Company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management's beliefs, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors which may cause actual results to differ materially from those in the forward-looking statements. For further information which could cause actual results to differ from the Company's expectations as well as other factors which could affect the Company's financial statements, please refer to the Company's reports filed with the Securities and Exchange Commission. CONTACT: Provident American Corp., Norristown Deidre Holt or Craig Gitlitz, 610/275-3800