TAMPA, Fla., Dec. 18, 2014 (GLOBE NEWSWIRE) -- 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.
Health Insurance Innovations, Inc.: Dirk Montgomery Chief Financial Officer (877) 376 5831 ext. 282 Investor Contact: Susan Noonan S.A. Noonan Communications, LLC (212) 966 3650 Media Contact for HealthPocket.com: Emily Cashel Shirley & Banister Public Affairs (703) 739 5920/(800) 536 5920
