MINNEAPOLIS--(Prudent Press Agency)-- KMG America Corporation (“KMG America”) (NYSE:KMA) announced today that on November 26, 2007, Humana Inc. (“Humana”) received the South Carolina Department of Insurance’s approval of the proposed acquisition of KMG America by Humana as previously announced on September 7, 2007. Such approval satisfies one of the conditions to the closing of the acquisition.
The acquisition remains subject to customary closing conditions. The closing of the acquisition is expected to occur on November 30, 2007.
About KMG America Corporation
KMG America is a holding company that was formed to acquire the Southeastern regional insurance company, Kanawha Insurance Company, and to operate and grow Kanawha’s insurance and other related businesses nationwide. KMG America offers a broad mix of individual and group insurance products, along with third-party administration services to employers and individuals. For more information, visit: www.kmgamerica.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking as defined by the Private Securities Litigation Reform Act of 1995. These include statements as to the expected timing, completion and effects of the proposed acquisition. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions the accurate prediction of which may be difficult and involve the assessment of events beyond the control of KMG America. Due to known and unknown risks, actual results may differ materially from expectations or projections. KMG America does not undertake any obligations to update any forward-looking statement, whether written or oral, relating to matters discussed in this press release.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the parties may be unable to complete the acquisition because, among other reasons, conditions to the closing of the acquisition may not be satisfied or waived; or other factors that may be referred to in KMG America’s reports filed with or furnished to the Securities and Exchange Commission from time to time. There can be no assurance that other factors not currently anticipated by KMG America will not materially and adversely affect future events. Viewers of this press release are cautioned to consider these risks and uncertainties and not to place undue reliance on the forward-looking statements.
Contacts
KMG America Corporation
Tim Daniels, 952-930-4807
tim.daniels@kmgamerica.com
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