Standard Management Announces Acquisition of Diabetic Supply Company

Standard Management Announces Acquisition of Diabetic Supply
Company 


INDIANAPOLIS, Aug. 13  /PRNewswire-FirstCall/ -- Standard Management
Corporation (the "Company", "Standard Management", or "SMAN"; Nasdaq: SMAN,
http://www.sman.com/ ) through its subsidiary, U.S. Health Services
Corporation, has signed a definitive agreement to acquire iCare Medical Supply,
Inc. and its affiliated companies from a private investment group located in
Jupiter, Florida for $10 million in cash and stock of Standard Management.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010416/STANDARDLOGO )

iCare and its affiliated companies represent the fourth acquisition for the
retail division of U.S. Health Services.  The retail division is a specialty
and direct to the consumer distribution channel.

Standard Management Chairman and CEO, Ronald D. Hunter, stated, "The proposed
acquisition of iCare combined with the recent pending purchase of SVS Vision
Holding Company would contribute approximately $45 million in revenue and
approximately $6 million in earnings before interest, taxes, depreciation and
amortization to U.S. Health Services."

Martial R. Knieser, M.D., President of U.S. Health Services stated, "This
acquisition allows U.S. Health Services to provide both pharmaceutical and
vision services to diabetic patients, thus creating an opportunity to deliver
products and services more effectively."

Mr. Hunter also stated, "With the acquisition of iCare, Standard Management
gains revenue, earnings, the opportunity to help new patients and the potential
to work with a quality management team."

The transaction is expected to close in the third quarter.

Standard Management is a financial holding company headquartered in
Indianapolis, IN.  Information about the company can be obtained by calling the
Investor Relations Department at 317-574-2865 or via the Internet at
http://www.sman.com/ .

The statements contained in this press release that are not purely historical
are forward-looking statements within the meaning of Section 37A of the
Securities Exchange Act of 1934, including statements regarding the company's
hopes, beliefs, intentions, or strategies regarding the future. Forward-looking
statements include, but are not limited to, predictions of future revenues,
expectation of growth rates, new business, and acquisitions. 

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DATASOURCE: Standard Management Corporation



CONTACT:  Michael B. Berry, Investor Relations of Standard Management

Corporation, [phone]



Web site:  http://www.sman.com/ 

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