Exhibit 99.1
MAXICARE ANNOUNCES COMPLETION OF PRIVATE PLACEMENT TRANSACTION
LOS ANGELES November 6, 2000 Maxicare Health Plans, Inc.,
(NASDAQ-NMS:MAXI) announced today that it has closed the
previously announced sale of 8.1 million shares of its common
stock at $1.00 per share in a private placement with certain
qualified institutional buyers and highly accredited
institutional investors. Imperial Capital, LLC acted as
placement agent for this private placement.
Maxicare Health Plans, Inc. is a managed health care company
with operations in California and Indiana. Its health care
plans currently have approximately 418,000 members. The Company
also offers various employee benefit packages through its
subsidiaries Maxicare Life and Health Insurance Company and
HealthAmerica Corporation.
This press release is not an offer to sell or a solicitation of
an offer to buy any securities of the Company. Any such
solicitation or offer may only be made through a prospectus
which has been approved by the Securities and Exchange
Commission or pursuant to an exemption from the registration
requirement of the Securities Act of 1933, as amended. The
securities sold in the private placement discussed in this news
release were offered and sold pursuant to an exemption under
such Act.
