ST. LOUIS--(BUSINESS WIRE)--Oct. 24, 2009--
Centene Corporation (NYSE: CNC) announced today that an agreement has
been reached between University Health Plans, Inc. (“UHP”) and Amerigroup New
Jersey, Inc. (“Amerigroup”), resolving the litigation
regarding the sale of certain UHP assets to Amerigroup. Under the
settlement agreement, the parties will move forward with the
transaction, which is subject to regulatory approval and expected to be
completed during the first quarter of 2010. In conjunction with the agreement,
the parties have released the claims associated with the
litigation.
About Centene Corporation
Centene Corporation is a leading multi-line healthcare enterprise that
provides programs and related services to individuals receiving benefits
under Medicaid, including the State Children's Health Insurance Program
(SCHIP), as well as Aged, Blind, or Disabled (ABD), Foster Care,
Long-Term Care and Medicare (Special Needs Plans). The Company operates
local health plans and offers a range of healthcare solutions for the
rising number of uninsured Americans. It contracts with other healthcare
and commercial organizations to provide specialty services including
behavioral health, life and health management, managed vision, nurse
triage, pharmacy benefits management and treatment compliance.
Information regarding Centene is available via the Internet at www.centene.com.
The information provided in this press release contains forward-looking
statements that relate to future events and future financial performance
of Centene. Subsequent events and developments may cause the Company's
estimates to change. The Company disclaims any obligation to update this
forward-looking financial information in the future. Readers are
cautioned that matters subject to forward-looking statements involve
known and unknown risks and uncertainties, including economic,
regulatory, competitive and other factors that may cause Centene's or
its industry's actual results, levels of activity, performance or
achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by these
forward-looking statements. Actual results may differ from projections
or estimates due to a variety of important factors, including Centene's
ability to accurately predict and effectively manage health benefits and
other operating expenses, competition, changes in healthcare practices,
changes in federal or state laws or regulations, inflation, provider
contract changes, new technologies, reduction in provider payments by
governmental payors, major epidemics, disasters and numerous other
factors affecting the delivery and cost of healthcare. The expiration,
cancellation or suspension of Centene's Medicaid Managed Care contracts
by state governments would also negatively affect Centene.
Source: Centene Corporation
Centene Corporation
Edmund E. Kroll, Jr., 212-759-0382
Senior
Vice President, Finance and Investor Relations
or
Deanne Lane,
314-725-4477
Senior Director, Corporate Media Affairs
