EXHIBIT 99.1

                                  NEWS RELEASE

STERN AND COMPANY
12121 Wilshire Boulevard - Suite 520
Los Angeles, California 90025
Telephone:  (310) 442-8414

           VARIFLEX, INC. ANNOUNCES MAJOR INVESTMENT BY REMY CAPITAL
          PARTNERS, IV, L.P.; MANAGEMENT HANGES; TWO NEW BOARD MEMBERS

        Moorpark,  CA - November 19, 1997 --  Variflex,  Inc.  (NASDAQ:  VFLX) a
leading sports and  recreational  products  company,  announced  today that REMY
Capital  Partners IV,  L.P.,  a private  investment  partnership  ("REMY"),  has
acquired  approximately 28 percent of the company's common stock. REMY purchased
stock from Raymond H. Losi, a co-founder  of the company,  and other  members of
the Losi family, for $9.2 million, or $5.50 per share. The Losi family continues
to hold approximately 32 percent of the company's outstanding shares.

        Variflex  also  announced  that Mark S.  Siegel and Randall L. Bishop of
REMY have been  appointed to the company's  Board of Directors.  Mr. Siegel will
assume the  position of Chairman  of the Board,  succeeding  Raymond H. Losi who
will  continue to serve as a director.  Raymond  "Jay" H. Losi,  II, who was not
among the selling  shareholders  and continues to beneficially own 22 percent of
the company's  outstanding  stock,  was elected  Chief  Executive  Officer,  and
retains  the  titles  and  responsibilities  of  President  and Chief  Operating
Officer. As part of the transaction, Gerald I. Boyce, Barbara Losi and Marvin G.
Murphy resigned as directors.

        Jay Losi,  President and Chief Executive Officer said, "We are extremely
pleased that REMY has recognized the inherent value in Variflex. We believe that
REMY's knowledge of the consumer products market and their financial  expertise,
coupled with  Variflex's  existing  strengths will enable us to move forward and
take advantage of the growth  opportunities  in this industry.  REMY'S ownership
will enhance our competitive position."

        Mark S. Siegel, President of REMY Investors, L.L.C., the general partner
of REMY Capital  Partners  IV, L.P.,  said,  "Variflex  has a proven  ability to
develop,  produce and sell quality products and has substantial cash and no debt
on its balance sheet. We look forward to working with the company to realize its
full  potential  through  the growth of the  existing  business  and  attractive
acquisitions."

        Variflex,  Inc. is a leading  supplier of in-line  skates,  skateboards,
skating protective  equipment and bicycle and recreational safety helmets to the
mass market.  Variflex's  Static brand of high quality  action sports  products,
including snowboards and skateboards are  high-performance,  aggressively-priced
upscale  products  marketed to the sporting goods and specialty  dealer markets.
Variflex also recently introduced Quik-Shade(TM),  an innovative 10'x10' instant
canopy that can be used at the beach, in the backyard or virtually anywhere.

NOTE: Any reference to the  development  of products,  growth rate or the future
performance of the company  constitutes  forward-looking  information and actual
results may vary materially.  There can be no assurance of the rate of growth of
the industry or of the company, that the company's products will enjoy continued
success or that any products in development  will ever be commercially  released
or that, if released,  such products will contribute  revenues or profits to the
company  sufficient to recoup or exceed their development cost. For a discussion
of these and other  factors  that could  affect  Variflex,  Inc.'s  business and
financial  results,  see  information  contained in the company's Forms 10-K and
10-Q on file at the Securities and Exchange Commission.

CONTACT:  Steven D. Stern -- (310) 442-8414