Standard Management Announces Largest Healthcare Acquisition

Standard Management Announces Largest Healthcare Acquisition



INDIANAPOLIS, Aug. 2  /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 SVS Vision Holding
Company from Penman Private Equity and Mezzanine Fund, L.P. for $16 million in
cash.

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SVS Vision Holding Company ("SVS") is a fully integrated vision network
consisting of an insurance entity, manufacturing facilities, 52 retail outlets,
and is affiliated with over 500 doctors in the United States.  SVS has annual
revenues of approximately $35 million with approximately $4 million in
earnings, and has a 31 year track record in the optical industry.

Standard Management Chairman, Ronald D. Hunter, stated, "The pending
acquisition of SVS significantly contributes to our goal of achieving $200-
$300 million of revenue in our Health Services segment over the next 36
months."

Dr. Robert Farrell, President of SVS, stated, "Two strategic factors will
accelerate the growth of the company.  First, Standard Life Insurance Company
of Indiana, a Standard Management subsidiary, has over 70 years experience and
a national distribution network.  Second, the SVS product line is perfectly
aligned with one of the fastest growing segments of the U.S. population."

Mr. Hunter also stated, "Standard Management is looking forward to working with
the seasoned management team at SVS."

This transaction is expected to close in the third quarter subject to
regulatory approval.

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:  Mike Berry, Investor Relations of Standard Management

Corporation, [phone]



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

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