Inc. Share Exchange
FRANKFORT, KY (September 28, 1999) - Kentucky
Investors, Inc. announced that it has entered into a share exchange agreement
with Investors Heritage Life Insurance Company. Kentucky Investors
has owned the majority interest in Investors Heritage since 1963 and currently
owns approximately 74% of Investors Heritage. Under the share exchange
agreement Kentucky Investors will acquire all of the outstanding Investors
Heritage common stock and Investors Heritage shareholders will receive
1.24 shares of Kentucky Investors common stock for each share of Investors
Heritage common stock. The companies plan to complete the transaction prior
to December 31, 1999.
Harry Lee Waterfield II, Chairman and President
of Kentucky Investors, Inc. said "this share exchange will allow Investors
Heritage stockholders, many of whom have been with us since the inception
of the company in 1960, to share in the continued growth of both companies."
Investors Heritage Life Insurance Company markets
primarily pre-need/final expense insurance through funeral homes, and credit
related insurance through financial institutions. Investors Heritage
also offers traditional life and group life insurance products and annuities.
In addition to majority ownership of Investors Heritage, Kentucky Investors
also owns an insurance marketing company and a printing company.
For information contact Jane Jackson at (502)
223-2361 ext. 305.
Statements contained in this release which are
not historical facts are forward-looking statements as that term is defined
in the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties (contained in the Company's
SEC filings) which could cause actual results to differ materially from
those projected. SEC filings may be obtained from the SEC or by contacting