SOURCE: Health Benefits Direct Corporation

March 30, 2007 19:09 ET

Health Benefits Direct Announces Closing of $11.25 Million Private Placement

RADNOR, PA -- (MARKET WIRE) -- March 30, 2007 -- Health Benefits Direct Corporation (OTCBB: HBDT), a leading innovator in the direct marketing and distribution of a wide range of health and life insurance products to individuals, announced today that it has closed its previously announced private placement of common stock and warrants to a group of accredited investors, which raised aggregate gross proceeds of $11.25 million.

The shares of common stock, warrants to purchase common stock and the common stock underlying the warrants have not been registered under the Securities Act of 1933, as amended, or the securities law of any jurisdiction, and may not be subsequently offered or sold by the investors in the United States absent registration or an applicable exemption from the registration requirements. Health Benefits Direct expects to file a registration statement with the Securities and Exchange Commission to register the resale of the shares of common stock to be issued and the resale of the shares of common stock to be issued upon the exercise of the warrants to be issued.

This release does not, and shall not, constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Health Benefits Direct Corporation

Health Benefits Direct Corporation is an insurance agency that operates an interactive online marketplace and contact centers enabling consumers to shop for, compare, and purchase individual health and life insurance and related products for individuals and families. Health Benefits Direct's sales platform combines its proprietary, integrated online technology and dialing application to connect consumers who express an interest in purchasing health or life insurance or related products with its knowledgeable, licensed agents housed in one of its contact center locations. www.hbdc.com or www.healthbenefitsdirect.com

Safe Harbor Statement

In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the company's business strategy, organic growth plan, the expansion and development of its interactive online insurance agency and its plans to file a registration statement with the Securities and Exchange Commission. Forward-looking statements provide Health Benefits Direct's current expectations or forecasts of future events. Moreover, Health Benefits Direct Corporation cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially and which are identified from time to time in Health Benefits Direct Corporation's reports filed with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Health Benefits Direct undertakes no obligation to update publicly any forward-looking statement.

Contact Information

  • Contact:

    Brandi Piacente
    The Piacente Group
    Tel: 212-481-2050
    Email Contact