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Press
Pethealth Reports Q1 Selected Operational Results, Approval
in Massachusetts and PetPoint Expansion
OAKVILLE, ON, April 19, 2006. Pethealth Inc. (TSX-V: PTZ) (the "Company") today
announced selected operational results for the quarter ended March 31,
2006, the approval of its pet insurance programs in Massachusetts, and
further advancements to its PetPoint program.
Total paid policies in force (Canada and the
United States) as at March 31, 2006, stood at 157,441 vs. 124,711 for
the same date in the prior year, an increase of 26%. Core paid policies
in force stood at 125,174, an increase of 20% over the previous year.
ShelterCare policies in force stood at 32,237, up 60% from the previous
year.
The cumulative calendar 2006 loss ratio for the
U.S. core pet insurance book of business stood at 43.9% as at March 31,
2006, within the company’s established 43%-45% target band.
Microchip (RFID) sales for the quarter ended
March 31, 2006, totalled 112,600, up 98% from Q1 2005. Unique pet owner
and pet information files in the 24PetWatch database stood at 544,966,
up 111% over Q1, 2005.
As at March 31, 2006, PetPoint had been
licensed by 238 animal shelters and rescue groups and 191 had begun to
use it in their daily operations, an increase of 221 and 187,
respectively, over the period ending March 31, 2005.
Additionally, new core policy sales in the U.S. for
the quarter were a record 13,708. Premium increases of approximately 9.9%
had been approved by regulators in States representing 96% of the
Company’s U.S. paid policies in force by March 31,
2006.
Subsequent to the end of Q1, the Massachusetts
Department of Insurance approved the Company’s programs for sale in the
state, effective April 3, 2006. The PetCare programs now available to
residents of Massachusetts are being underwritten by the Insurance
Corporation of Hannover (“ICH”). On February 9, 2006, the Company
announced it had added the ICH as an underwriter in the United States.
Under the terms of the agreement, Pethealth will be participating in a
portion of the underwriting results for U.S. policies placed with
ICH.
The 238 licensed PetPoint users include several shelters
that have agreed to beta test the new Humane Law Enforcement and Animal
Control modules being added to PetPoint. Beta testing of these two modules
is expected to be completed by June 1, 2006. The success of PetPoint to
date, a web-based management software application specifically designed
for animal welfare agencies, was to a large extent responsible for the
Company reporting that microchip sales nearly doubled over the same period
in 2005. Shelters purchasing the Company’s 24PetWatch brand of microchips
can license PetPoint free of charge.
The Company also
announced that the 1,450,000 stock options granted to certain directors
and announced on April 3, 2006, have been voluntarily adjusted upward to
an exercise price of $0.125 per share.
The Company will
report its first quarter financial results on May 10, 2006, ahead of its
annual meeting which is being held at 10.00 a.m. (EST) that same day at
the offices of Stikeman Elliott LLP in Toronto,
Ontario.
About Pethealth
Pethealth is a leading provider of pet insurance and pet related data management services to the North American companion animal industry. Pethealth offers a unique range of products and services for veterinarians, shelters and pet owners through a number of wholly owned subsidiaries using a range of brand names including PetCare, ShelterCare, QuickCare, CherryBlue, 24PetWatch, PetPoint, PetMedInfo and PetMedAlert.
Pethealth is based in Oakville, Ontario. To find out more about Pethealth, visit the web site at www.pethealthinc.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statements contained in this news release, if not historical, are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the results described in forward-looking statements.
Not for dissemination in the United States of America or to United States news wire services.
For further information contact:
Mark Warren , President & CEO
Glen Tennison , Chief Financial Officer
Pethealth Inc.
(905) 842-2615
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