Health Insurance Innovations, Inc. Announces Share Repurchase Program Up to 10% of Outstanding Class A Shares
18 Dezembro 2014 - 11:35AM
Health Insurance Innovations, Inc.,"HII" (Nasdaq:HIIQ), and its
subsidiaries, is a leading developer, distributor and virtual
administrator of affordable, cloud-based individual health
insurance plans and ancillary products and provides the most
comprehensive online consumer comparison shopping tool for health
insurance plans.
HII today announced that its Board of Directors has authorized a
repurchase program for up to 0.8 million shares of its outstanding
Class A Common Stock, $0.001 par value per share, representing
approximately 10% of the total Class A shares outstanding of
approximately 7.8 million shares. The authorization is effective
immediately and will expire on December 31, 2016.
"Our Board's approval of this share repurchase program
demonstrates their confidence in HII's financial strength and
future business prospects," said Mike Kosloske, Chief Executive
Officer of Health Insurance Innovations.
The Company has adopted a Rule 10b5-1 share repurchase plan
under the Securities Exchange Act of 1934 (the "Plan") in
connection with its share repurchase authorization. The Plan allows
the Company to repurchase its shares at times when it otherwise
might be prevented from doing so under insider trading laws or
because of self-imposed trading blackout periods. Because
repurchases under the Plan are subject to certain pricing
parameters, there is no guarantee as to the exact number of shares
that will be repurchased under the Plan, or that there will be any
repurchases pursuant to the Plan. Subject to applicable
regulations, HII may elect to amend or cancel the Plan at its
discretion.
About Health Insurance Innovations, Inc.
Health Insurance Innovations, Inc. (HII) develops affordable,
high-quality health insurance products through partnerships with
best-in-class insurance carriers, distributed through licensed
insurance agents as plan configurations customized for the
individual consumer. These transactions take place via the
industry's first virtual administrator, an entirely cloud-based
proprietary process —Quote-Buy-Print— providing proof-of-coverage
to insured in minutes rather than weeks. HII is a data-driven
digital business informed by its consumer division.
Additional information about HII can be found at
www.hiiquote.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements other than
historical fact, and may include statements relating to goals,
plans and projections regarding new markets, products, services,
growth strategies, anticipated trends in our business and
anticipated changes and developments in the United States health
insurance system and laws. Forward-looking statements are based on
the Company's current assumptions, expectations and belief are
generally identifiable by use of words "may," "might," "will,"
"should," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential" or "continue," or similar
expressions and involve significant risks and uncertainties that
could cause actual results, developments and business decisions to
differ materially from those contemplated by these statements.
These risks and uncertainties include, among other things, our
ability to maintain relationships and develop new relationships
with health insurance carriers and distributors, our ability to
retain our members, the demand for our products, the amount of
commissions paid to us or changes in health insurance plan pricing
practices, our ability to integrate our acquisitions (including our
July 2014 acquisition of HealthPocket, Inc.), competition, changes
and developments in the United States health insurance system and
laws, and HII's ability to adapt to them, the ability to maintain
and enhance our name recognition, difficulties arising from
acquisitions or other strategic transactions, and our ability to
build the necessary infrastructure and processes to maintain
effective controls over financial reporting. These and other risk
factors that could cause actual results to differ materially from
those expressed or implied in our forward-looking statements are
discussed in HII's Annual Report on Form 10-K for the year ended
December 31, 2013 and subsequent Quarterly Reports on Form 10-Q,
all as filed with the Securities and Exchange Commission as well as
other documents that may be filed by HII from time to time with the
Securities and Exchange Commission. Any forward-looking statement
made by us in this press release is based only on information
currently available to us and speaks only as of the date on which
it is made. You should not rely on any forward-looking statement as
representing our views in the future. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
CONTACT: Health Insurance Innovations, Inc.:
Dirk Montgomery
Chief Financial Officer
(877) 376 5831 ext. 282
dmontgomery@hiiquote.com
Investor Contact:
Susan Noonan
S.A. Noonan Communications, LLC
(212) 966 3650
susan@sanoonan.com
Media Contact for HealthPocket.com:
Emily Cashel
Shirley & Banister Public Affairs
(703) 739 5920/(800) 536 5920
ecashel@sbpublicaffairs.com
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