Standard Management Announces Payment of Consent Fee

Standard Management Announces Payment of Consent Fee 


INDIANAPOLIS, June 16  /PRNewswire-FirstCall/ -- Standard Management
Corporation ("Standard Management" or the "Company") (NASDAQ:SMANP) today
announced the payment of the 5% Consent Fee to the eligible holders of the
outstanding 10.25% Preferred Securities of SMAN Capital Trust I (the "SMANP")
in consideration for the favorable vote of an amendment to the indenture
relating to such securities on May 18, 2005.  The Company received the consents
of the holders of 84% of the aggregate liquidation amount of the SMANP
resulting in a total payment to the eligible holders of $865,377.

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

Ronald D. Hunter, Chairman and Chief Executive Officer, stated, "In completing
this phase of our transition from financial services to health services, we are
pleased with the overwhelming support of our business plan for the future. 
Management wishes to express their appreciation for the confidence of their
shareholders."

This press release contains "forward-looking statements" within the meaning of
section 27 A of the Securities Act of 1933.  The use of the words "believe,"
"expect," "anticipate," "intend," "estimate," "could," "plans," and other
similar expressions, or the negations thereof, generally identify
forward-looking statements.  Forward-looking statements in this press release
include, without limitation, the performance of our health services and,
potential future acquisitions and their impact on the segment's performance.
These forward-looking statements are subject to known and unknown risks,
uncertainties and other factors, which could cause actual results to be
materially different from those contemplated by the forward-looking statements.
 Such factors include, but are not limited to the following:  the ability of
our management team to successfully operate a health services business with
limited experience in that industry; our ability to expand our health services
business both organically and through acquisitions, including our ability to
identify suitable acquisition candidates, acquire them at favorable prices and
successfully integrate them into our business; general economic conditions and
other factors, including prevailing interest rate levels and stock market
performance, which may affect our ability to obtain additional capital when
needed and on favorable terms; our ability to achieve anticipated levels of
operational efficiencies at recently acquired companies, as well as through
other cost-saving initiatives; customer response to new products, distribution
channels and marketing initiatives; and increasing competition in the sale of
our products.

We caution you that, while forward-looking statements reflect our good faith
beliefs, these statements are not guarantees of future performance.  In
addition, we disclaim any obligation to publicly update or revise any forward-
looking statement, whether as a result of new information, future events or
otherwise, except as required by law.

Standard Management is a holding company headquartered in Indianapolis, IN. 
Information about the company can be obtained by calling the Investor Relations
Department at 317-574-5221 or via the Internet at http://www.sman.com/ . 

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DATASOURCE: Standard Management Corporation



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

Corporation, Phone: [phone]



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

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