8-K 1 fic8k-060906strategalt.htm FORM 8K STRATEGIC ALTERNATIVES

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (date of earliest event reported): June 9, 2006

 

FINANCIAL INDUSTRIES CORPORATION

(Exact name of Registrant as specified in charter)

Texas

0-4690

74-2126975

(State or other jurisdiction
of incorporation)

(Commission file number)

(I.R.S. employer
identification no.)

 

6500 River Place Blvd., Building One

Austin, Texas 78730

(Address of principal executive offices)

Registrant’s telephone number, including area code: (512) 404-5000

 

Former name or former address, if changed since last report - Not Applicable

 

Check the appropriate box below if the Form 8-K filing is intended to

simultaneously satisfy the filing obligation of the registrant under any of the

following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act

(17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

(17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the

Exchange Act (17 CFR 240.14d-2(b))

 

 

 

 

 

 

 

 

 

Item 8.01 Other Events.

 

On June 9, 2006, the board of directors (the “Board”) of Financial Industries Corporation (the “Company”), announced that it has recently decided to begin a process to explore strategic alternatives to enhance shareholder value including, but not limited to, a potential sale of the Company or its insurance subsidiaries. The Company said that it has retained Keefe, Bruyette & Woods, Inc. as its financial advisor in this process, which it expects to take a number of months. There can be no assurance that a transaction will result and the Company does not currently intend to disclose developments regarding its exploration unless and until its Board of Directors has approved a specific transaction.

 

As provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Financial Industries Corporation cautions that the statements in this Form 8-K, relating to potential strategic alternatives, the timing thereof, future developments, remediation and other matters that are not historical factual information are forward-looking statements that represent management’s belief and assumptions based on currently available information. The information contained in this report relating to trends in the Company’s operations and financial results and the contingencies and uncertainties to which the Company may be subject, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” and other similar expressions constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements are made based upon management’s current expectations and beliefs concerning the financial results, economic conditions and are subject to known and unknown risks, uncertainties and other factors contemplated by the forward-looking statements. Such factors include market conditions for the sale of the Company, its subsidiaries, or for other transactions considered by the Company and, among other things: (1) timing and results of reviews, audits and assessments; (2) general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect the ability of the Company to sell its products, the market value of the Company’s investments and the lapse rate and profitability of policies; (3) the Company’s ability to achieve anticipated levels of operational efficiencies and cost-saving initiatives; (4) customer response to new products, distribution channels and marketing initiatives; (5) mortality, morbidity and other factors which may affect the profitability of the Company’s insurance products; (6) our ability to develop and maintain effective risk management policies and procedures and to maintain adequate reserves for future policy benefits and claims; (7) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of the Company’s products; (8) increasing competition in the sale of insurance and annuities; (9) regulatory changes or actions, including those relating to regulation of insurance products and insurance companies; (10) ratings assigned to the Company’s insurance subsidiaries by independent rating organizations such as A.M. Best, which the Company believes are particularly important to the sale of accumulation products; (11) the performance of our investment portfolios; (12) the effect of changes in standards of accounting; (13) the effects and results of litigation; and (14) other factors discussed in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Investors should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. There can be no assurance that other factors not

 

 

currently anticipated by management will not also materially and adversely affect the Company.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

FINANCIAL INDUSTRIES CORPORATION

 

 

Date: June 9, 2006

By: /s/ Michael P. Hydanus_

 

 

Michael P. Hydanus

 

 

Interim Chief Executive Officer