SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): May 3, 2000
Life Partners Holdings, Inc. (formerly known as I.G.E., Inc.)
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(Exact name of registrant as specified in its charter)
Massachusetts 0-7900 14-2488828
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
6614 Sanger, Waco, Texas 76710
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (254) 751-9700
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Item 5. Other Events.
May 3, 2000 - Life Partners Holdings, Inc. (LPHI)(OTCBB) announced today that
it has entered into an agreement with a single institution to originate,
underwrite and process up to $1 Billion per calendar quarter of Senior Life
Settlements over the next five year. Extended Life Services, Inc. (ELSI), a
wholly owned subsidiary of LPHI, will handle the line of business. LPHI
officials said that the agreement provides for the purchase of up to $20 Billion
of Senior Life Settlements over the term of the contract.
Item 7. Exhibits.
(c) The following exhibit is filed with this report.
2000.1 Press release dated May 3, 2000
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.
Life Partners Holdings, Inc.
Dated: May 8, 2000 By: /s/ Brian D. Pardo
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Brian D. Pardo
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit 5.1 Press Release
EXHIBIT 5.1
LIFE PARTNERS HOLDINGS, INC.
P.O. Box 20034 Waco, TX 76702
Phone: (800) 368-5569 Fax: (254) 751-7797
E-mail: [email protected]
Life Partners Holdings, Inc. Announces Major Purchase Agreement
Company Agrees to Originate and Process up to $1 Billion per quarter of Senior
Settlements
For Immediate Release
Contact John McLemore
254-751-9700
(Waco, TX) May 3, 2000 - Life Partners Holdings, Inc. (LPHI)(OTCBB) announced
today that it has entered into an agreement with a single institution to
originate, underwrite and process up to $1 Billion per calendar quarter of
Senior Life Settlements over the next five years. Extended Life Services, Inc.
(ELSI), a wholly owned subsidiary of LPHI, will handle the line of business.
LPHI officials said that the agreement provides for the purchase of up to $20
Billion of Senior Life Settlements over the term of the contract.
Senior Life Settlements are a new and innovative financial tool for senior
citizens, which allows them to sell their life insurance for immediate cash.
These transactions have become an increasingly popular way for older Americans
to restructure their assets into a form that meets their current needs.
LPHI said it believes the agreement has the potential to result in the largest
single purchase order for Senior Life Settlements ever. The company said it
might take as long as nine months before it will have the ability to process $1
Billion of policies per quarter on a consistent basis, but ELSI officials
expressed confidence that the company can fulfill the request for qualified
policies.
LPHI said the large anticipated volume of business in the senior sector will
increase its profitability, but the company declined to predict the timing and
amount of the profits anticipated.
Safe Harbor - This press release contains certain forward-looking statements
within the meaning of the 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.
Contact Information:
John McLemore,
LPHI Director of Corporate Communications
(254) 751-9700
