EXHIBIT 99.1
[LOGO]
800 King Farm Boulevard
Rockville, MD 20850
FOR IMMEDIATE RELEASE Contact: Michael P. Donovan
- --------------------- mdonovan@HealthExtras.com
-------------------------
HEALTHEXTRAS EXPANDS SENIOR MANAGEMENT TEAM
- - -
ANNOUNCES APPOINTMENT OF CHIEF FINANCIAL OFFICER
CREATES NEW POSITION; EXECUTIVE VICE PRESIDENT FOR CORPORATE DEVELOPMENT
ROCKVILLE, MD, JUNE 23, 2006 -- HEALTHEXTRAS, INC. (NASDAQ: HLEX), a pharmacy
benefit management company, today announced that Richard W. Hunt, has been
recruited to be the Company's Chief Financial Officer. Mr. Hunt succeeds Michael
P. Donovan, who takes on the newly created position as Executive Vice President
for Corporate Development. The appointments are effective immediately.
As Chief Financial Officer, Mr. Hunt will be responsible for all of
HealthExtras' financial operations, including corporate accounting, external
reporting, financial planning, treasury, and tax. He will report directly to
Chief Executive Officer, David T. Blair. Mr. Donovan will take on a new role
within the organization and focus on acquisitions, strategic business
relationships, and product development. Mr. Donovan has been the CFO of the
Company since its inception and the Board of Directors is pleased that he will
be transitioning into a senior corporate development role.
"As the Company continues to grow, it is imperative that we expand our senior
management team," said Mr. Blair. "Clearly Rich's experience and healthcare
expertise will serve the Company well. Additionally, with Mike's new role we
expect to complement the Company's strong growth with new service offerings and
strategic acquisitions." Mr. Hunt was most recently Senior Vice President and
Chief Financial Officer of Neighborcare a $1.6 billion publicly traded long-term
care pharmaceutical provider. From 2000 to 2004 Mr. Hunt was Senior Vice
President and Chief Financial Officer of Global Healthcare Exchange an
e-commerce venture formed by a group of leading healthcare service and product
companies including Johnson & Johnson, GE Medical Systems and Medtronic. Before
joining Global Healthcare Exchange, Mr. Hunt served for eighteen years in a
variety of executive finance positions with Baxter International, Inc. Mr. Hunt
earned a bachelor of science degree in accounting from Northern Illinois
University and a masters in business administration from Pepperdine University
as well as a certified public accountant designation.
About HealthExtras (www.healthextras.com)
--------------------
HealthExtras, Inc. is a full-service pharmacy management company. Its clients
include self-insured employers, including state and local governments,
third-party administrators, managed care organizations and individuals. The
Company's integrated pharmacy benefit management services marketed under the
name Catalyst Rx include: claims processing, benefit design consultation, drug
utilization review, formulary management, drug data analysis services and mail
order services. Additionally, the Company operates a national retail pharmacy
network with over 55,000 participating pharmacies.
THIS PRESS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. THE FORWARD-LOOKING
STATEMENTS ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION ACT OF 1995. FORWARD-LOOKING STATEMENTS MAY BE
SIGNIFICANTLY IMPACTED BY CERTAIN RISKS AND UNCERTAINTIES DESCRIBED IN
HEALTHEXTRAS' FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.