Legislation Passed Clarifying Role of NYS Comptroller in Connection with the Sale of WellChoice Stock by the New York Public Ass
25 Giugno 2005 - 1:00AM
Business Wire
Comptroller Has No Authority to Review Contracts Relating to
Underwriting Agreements, Pricing Agreements and Other Documents
Related to Sales of Stock or Stock Offerings WellChoice, Inc.,
(NYSE: WC) announced that the New York State Legislature passed a
bill (A. 9009/S. 5928) which clarifies the role of the New York
State Comptroller (the "Comptroller") with respect to the sale of
WellChoice stock by the New York Public Asset Fund (the "Fund"),
the owner of approximately 62% of WellChoice stock. The legislation
specifically provides that the Comptroller does not have authority
to review any contracts relating to underwriting agreements,
pricing agreements or other documents relating to the sale of stock
or stock offering entered into by the Fund with respect to the sale
of WellChoice stock. The Fund does, however, have to submit vendor
contracts for consulting and professional services to the
Comptroller for review and approval. With respect to all contracts
recommended or entered into by the Fund prior to June 23, 2005,
they are deemed approved and do not need to be submitted to the
Comptroller. The bill now goes to the Governor for his signature.
For a full discussion of this issue, please refer to WellChoice's
Annual Report on Form 10-K for the year ended December 31, 2004 and
its Quarterly Report on Form 10-Q for the three months ended March
31, 2005. About WellChoice WellChoice, Inc. is the parent company
of the largest health insurer in the State of New York based on PPO
and HMO membership. WellChoice, through its Empire Blue Cross Blue
Shield subsidiaries, has the exclusive right to use the Blue Cross
and Blue Shield names and marks in 10 downstate New York counties
and one or both of these names and marks in selected counties in
upstate New York. WellChoice offers a broad portfolio of products,
including managed care and traditional indemnity products, and has
a broad customer base including large group, middle-market and
small group, individual, and national accounts. Additional
information on WellChoice can be found at www.wellchoice.com.
Cautionary Statement Some of the information contained in this
press release is forward-looking, including statements relating to
future financial or business results. Forward-looking information
is based on management's estimates, assumptions and projections and
is subject to significant uncertainties and other factors, many of
which are beyond the company's control. Important risk factors
could cause future results to differ materially from those
estimated by management. Those risks and uncertainties include but
are not limited to: our ability to accurately predict health care
costs and to manage those costs through underwriting criteria,
quality initiatives and medical management; product design and
negotiation of favorable provider reimbursement rates; our ability
to maintain or increase our premium rates; possible reductions in
enrollment in our products or changes in membership including the
loss of either the New York City or the New York State account; the
regional concentration of our business in the New York metropolitan
area and the effects of economic downturns in that region or
generally; future bio-terrorist activity or other potential public
health epidemics; the impact of health care reform and other
regulatory matters; the outcome of litigation. For a more detailed
discussion of these and other important factors that may materially
affect WellChoice, please see WellChoice's filings with the
Securities and Exchange Commission, including the discussion of
risk factors and historical results of operations and financial
condition in its Annual Report on Form 10-K for the year ended
December 31, 2004 and its Quarterly Report on Form 10-Q for the
three months ended March 31, 2005.
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