Life Partners Holdings, Inc. (NASDAQ GM: LPHI) was added to the broad-market Russell 3000® Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 27, 2008. Life Partners, which has demonstrated exceptional growth, had previously been listed on the Russell Microcap® Index last year before being moved up to the Russell 3000® during this year’s reconstitution. At the close of trading on Friday, shares of Life Partners closed up $0.60 at $23.10 on almost 650,000 shares or nine times its average daily volume.
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
Life Partners’ CEO Brian Pardo said, “We are exceptionally pleased that Russell Investments has recognized our substantial growth. We’re delighted to be moved up to the Russell 3000 and we expect the move to be very positive for the company.”
The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched last year.
Russell indexes are widely used as benchmarks by investment managers and institutional investors for index funds. Approximately $4.4 trillion in assets are currently benchmarked to Russell indexes.
Life Partners is the world's oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners has completed over 71,000 transactions for its worldwide client base of over 19,000 high net worth individuals and institutions in connection with the purchase of almost 6,000 policies totaling over $1.2 billion in face value.
Safe Harbor - This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding future financial performance, the market for our services, the growth in the life settlement market and our growth within that market, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
For more information on Russell indexes, go to www.russell.com.
Life Partners Holdings, Inc.
Shareholder Relations,
254-751-7797
info@LPHI.com
www.lphi.com
