Life Partners Announces Appointment
Life Partners Announces Appointment as Investment Advisor to Second European Life Settlement Fund and Voting Results at Annual Meeting of Shareholders
WACO, Texas–(BUSINESS WIRE)–Aug. 4, 2006–Life Partners Holdings, Inc. (Nasdaq:LPHI) held its 2006 Annual Meeting of Shareholders at its headquarters yesterday at the company headquarters in Waco, Texas marking almost 15 years as the world’s oldest and only publicly held company operating exclusively in the secondary life insurance industry.
In discussing the company’s expected performance over the coming fiscal year, Life Partners Chairman Brian Pardo said, “At our annual meeting last year we announced our appointment as exclusive investment advisor and policy provider to The Life Settlements Fund, a Bahamas registered fund with representative offices in London and Zurich. That fund has closed and is currently listed on Bloomberg Market Data under the symbol LIFESET BM. We are very pleased to announce that the managers of that fund have now closed The Life Settlements Fund II and we anticipate purchasing approximately $30 million in face value of policies for that fund. Participants in the fund include two large Swiss banks as well as other European institutional investors.”
Mr. Pardo added, “We are also working as exclusive advisor to another fund which we expect to be closed by this Fall and which should be substantially larger than these two funds.”
“We will continue to be a leader in unlocking the hidden value of life insurance policies for thousands of American seniors as well as further developing this asset class on a worldwide basis for both institutional and individual investors,” Mr. Pardo said.
Approximately 90% or 8.7 million shares entitled to vote were represented at the meeting either in person or by proxy. Shareholders elected all five directors named in the proxy, with each director receiving at least 8.6 million or 88% of the total votes cast. Brian Pardo, R. Scott Peden, Tad Ballantyne, Fred Dewald and Lt. General (Ret.) Harry Goodall were all elected to serve as directors for the ensuing year.
Safe Harbor — With regard to Life Partners, Inc. and Life Partners Holdings, Inc., this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding future financial performance, the market for our services, and the value of our new contract signings, backlog and business pipeline, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Life Partners, Inc.
Shareholder Relations, 254-751-7797
e-mail: [email protected]
website: www.lphi.com
or
Life Settlements Fund, Ltd.
Stephen Gillman Singer, Director
Nicholas Miller, Director and Legal Counsel
Representative Office: Freigutstrasse 27, 8002 Zurich,
Switzerland
e-mail: [email protected]
Tel: +41 44 208 17 27
Fax: +41 44 208 17 28
Life Exchange a group that created Life Settlement Auctions technology is also a publicly traded Life Settlement related company.
