Standard Management Seeks Additional Shares

INDIANAPOLIS, March 3  /PRNewswire-FirstCall/ -- Standard Management Corporation ("Standard Management" or the "Company") (OTC:SMANOTC:SMANP), an Indianapolis-based healthcare company, announced today the filing of a 14C Information Statement pursuant to Section 14C of the Securities and Exchange Act of 1934.  The board of directors approved an amendment to increase the number of authorized shares of the Company's common stock from 200,000,000 to 300,000,000 shares.  In connection therewith, a resolution will be introduced at a special meeting of shareholders to be held at the executive offices of the Company on April 4, 2008.

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Ronald D. Hunter, Chairman, President and Chief Executive Officer, stated "With the additional shares available, the Company will be positioned to finalize certain ongoing initiatives both in the residential long-term care market through Standard Management and as the managing member of Universal Healthcare Company, LLC".  Hunter added, "Universal serves the long-term care sector of healthcare by providing pharmaceuticals to congregate living patients in nursing homes and assisted living facilities."

Mr. Hunter continued, "The investment of time, money and manpower is presenting many opportunities in two of the fastest growing sectors of healthcare.  The demographics are definitely in our favor.  We remain confident in our ability to achieve the stated goal of which we established at the time we entered the healthcare space."

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," "may," "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 ability of the Company to address the factors sighted by our independent auditors as a basis for their qualified audit opinion, the performance and growth of our business, potential future acquisitions, and their impact on the Company'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 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 the proposed capital and additional capital when needed and on favorable terms; 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 317.574.6210 or via the Internet at http://www.sman.com/. 

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DATASOURCE: Standard Management Corporation



CONTACT:  Investor Relations of Standard Management Corporation,

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

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