Bend, Ore., April 1, 2010 – Clear One Health Plans, Inc. (OTCBB: CCHN) announced that the Department of Human Services, Division of Medical Assistance Programs (DMAP) has approved the Change of Ownership of Central Oregon Individual Health Solutions, Inc. (COIHS), through acquisition of its parent company Clear One Health Plans, Inc. by PacificSource Health Plans pursuant to the Agreement and Plan of Merger, dated December 29, 2009, by and among PacificSource Health Plans, Spingfield Acquisitions Inc. and Clear One Health Plans, Inc. (the “Merger Agreement”). Under the Change of Ownership of COIHS and pursuant to the Merger Agreement, PacificSourcewill become the sole shareholder of Clear One, the parent company of COIHS.
About Clear One Health Plans, Inc.
Clear One Health Plans offers affordable health plans to meet the needs of employers, providers, and consumers. The Company provides health insurance, including Medicare Advantage plans, commercial plans, individual plans, and administrative services to individuals and businesses throughout the West. The Company also offers life, disability, dental, vision and voluntary benefits programs, as well as employee benefit services to self-funded employers, associations, Taft-Hartley Trusts, and Chamber of Commerce plans. Clear One is dedicated to the development of community-based employee benefits programs, health insurance, and ancillary plans. For information call 888-863-3637, visit www.clearonehp.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release are forward-looking in nature and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan,” “appears,” “will,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers 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 indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
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Contact: Patricia Gibford, President and Chief Executive Officer, 541-330-8114, patricia.gibford@clearonehp.com, or Gunnar Hansen, Executive Vice President and Chief Financial Officer, 541-330-8100, gunnar.hansen@clearonehp.com