Standard Management Announces Payment of Consent Fee INDIANAPOLIS, June 16 /PRNewswire-FirstCall/ -- Standard Management Corporation ("Standard Management" or the "Company") (NASDAQ:SMANP) today announced the payment of the 5% Consent Fee to the eligible holders of the outstanding 10.25% Preferred Securities of SMAN Capital Trust I (the "SMANP") in consideration for the favorable vote of an amendment to the indenture relating to such securities on May 18, 2005. The Company received the consents of the holders of 84% of the aggregate liquidation amount of the SMANP resulting in a total payment to the eligible holders of $865,377. (Logo: http://www.newscom.com/cgi-bin/prnh/20010416/STANDARDLOGO ) Ronald D. Hunter, Chairman and Chief Executive Officer, stated, "In completing this phase of our transition from financial services to health services, we are pleased with the overwhelming support of our business plan for the future. Management wishes to express their appreciation for the confidence of their shareholders." This press release contains "forward-looking statements" within the meaning of section 27 A of the Securities Act of 1933. The use of the words "believe," "expect," "anticipate," "intend," "estimate," "could," "plans," and other similar expressions, or the negations thereof, generally identify forward-looking statements. Forward-looking statements in this press release include, without limitation, the performance of our health services and, potential future acquisitions and their impact on the segment's performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, but are not limited to the following: the ability of our management team to successfully operate a health services business with limited experience in that industry; our ability to expand our health services business both organically and through acquisitions, including our ability to identify suitable acquisition candidates, acquire them at favorable prices and successfully integrate them into our business; general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect our ability to obtain additional capital when needed and on favorable terms; our ability to achieve anticipated levels of operational efficiencies at recently acquired companies, as well as through other cost-saving initiatives; customer response to new products, distribution channels and marketing initiatives; and increasing competition in the sale of our products. We caution you that, while forward-looking statements reflect our good faith beliefs, these statements are not guarantees of future performance. In addition, we disclaim any obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise, except as required by law. Standard Management is a holding company headquartered in Indianapolis, IN. Information about the company can be obtained by calling the Investor Relations Department at 317-574-5221 or via the Internet at http://www.sman.com/ . http://www.newscom.com/cgi-bin/prnh/20010416/STANDARDLOGO http://photoarchive.ap.org/ DATASOURCE: Standard Management Corporation CONTACT: Michael B. Berry, Investor Relations of Standard Management Corporation, Phone: +1-317-574-2865 Web site: http://www.sman.com/

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