The Amacore Group, Inc. (OTCBB: ACGI), announced today that Vicis Capital Master Fund will be increasing their investment of Amacore Group by purchasing more shares of the company’s convertible preferred stock for $3.0 million; the funds are convertible at a peg price of $5.00. The Amacore Group, Inc. is a leader in providing health-related membership benefit programs, insurance programs, and other innovative and high-quality solutions to families and individuals throughout the country.
Clark A. Marcus, CEO of the Amacore Group, stated, “This infusion of capital is yet another vote of confidence in Amacore by Vicis. In the past few months, we have added additional distribution channels, provider networks, and new products and acquired Texas-based LifeGuard Benefit Services, Inc., which provides insured and non-insured health benefits along with its services to over 1.5 million families. Amacore’s plans for 2008 are to continue with this growth both organically and by the acquisition where appropriate.”
By offering innovative and affordable healthcare solutions to families, individuals, small and large employer groups, and association markets through a variety of specialized products, The Amacore Group, Inc. provides benefits and services created for the consumer driven healthcare market. With the creation of its new Diamond Series and Discount Medical programs, which features Smarthealth and Smarthealth Premier, the new programs offer discounts on quality hearing, dental, vision, and doctor visits, as well as other benefits. Currently, the company is working diligently to sign distribution and sales contracts with marketing companies in order for them to offer their programs nationally.
Shad Stastney, a partner of Vicis Capital, said, “Amacore’s growth is proceeding very rapidly, and we are very pleased with their progress. We are making this investment in the company to further demonstrate our commitment to their innovative and comprehensive approach to the healthcare marketplace.”
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