EXHIBIT 99.16
PRESS RELEASE
THURSDAY, DECEMBER 21, 2000
FOR IMMEDIATE RELEASE
SECURITY CAPITAL CORPORATION COMPLETES
ACQUISITION OF HEALTH POWER, INC.
GREENWICH, CT - Security Capital Corporation (AMEX: SCC) announced today that it
had completed its acquisition of Health Power, Inc. (OTC: HPWR), headquartered
in Dublin, Ohio. The acquisition was accomplished by the merger of Security
Capital's subsidiary, HP Acquisition Corp., into Health Power. Completion of the
transaction followed the favorable vote of Health Power's shareholders on
December 8, 2000, and the satisfaction of all other conditions precedent to
closing.
Pursuant to the terms of the Agreement and Plan of Merger, each share of common
stock of Health Power was converted into the right to receive $6.94 in cash,
based upon a total purchase price of $36.25 million, less deductions for certain
liabilities, including debt and expenses of the merger. Health Power's
stockholders will be advised by letter as to the procedure for exchanging their
shares.
Security Capital is a diversified holding company based in Greenwich,
Connecticut, and is affiliated with Capital Partners, a private equity
investment firm. As will be the case with Health Power, each subsidiary has a
high degree of operating autonomy. As is the case with all of the management
teams of Security Capital subsidiaries, CompManagement executives will have a
significant equity position in Health Power, Inc. and its subsidiaries.
Health Power, Inc., through its operating subsidiaries, CompManagement, Inc. and
CompManagement Health Systems, provides cost containment and medical management
services related to workers' and unemployment compensation to employers in Ohio,
Indiana, Kentucky, Pennsylvania, West Virginia and Washington.
Brian D. Fitzgerald, Chairman of Security Capital, indicated that the
acquisition of Health Power met Security Capital's financial and qualitative
acquisition criteria and operating philosophy. As also is the case of the other
three subsidiaries, Health Power has historically generated excess cash flow
even while experiencing good revenues and earnings growth. Mr. Fitzgerald
indicated that he is looking forward to working with the entire management team
of the continuing operations.
Contact: Brian D. Fitzgerald, Chairman, Security Capital Corporation
(203) 625-0770
