Sales Force Training Call Set on Topic
ADA, Okla., Nov. 2 /PRNewswire-FirstCall/ — With the ongoing foreclosure flood rising and expected to crest in 2008 and 2009, Pre-Paid Legal Services, Inc. (NYSE: PPD) is taking measures to better educate its sales force on how the company’s legal membership can assist homeowners.
“We can help people and we should,” said Pre-Paid Legal Services, Inc. CEO Harland Stonecipher. “As a company, we’re committed to doing all we can to educate and train our sales force — especially on this topic. We’ve positioned ourselves for years as a ‘Life Events Legal Plan’ and home foreclosure dramatically fits that description.”
Stonecipher said he would be hosting a company-wide conference call on Wednesday, Nov. 7, to address the issue, speaking directly to the company’s 400,000-strong sales force.
“This issue isn’t going away,” he said. “The best thing any of us can do is make sure we know our rights and understand our options — whether this issue or the countless other legal events that touch our lives daily. To do that, we need the ability to speak with an attorney.”
Stonecipher, in preparation for the training call, referenced media reports indicating:
— 100% increase in foreclosures, July-September, from one year ago;
— 1-of-196 households have experienced foreclosure activity in the most recent quarter;
— Lenders are bracing for “reset” in 2008 and 2009 of adjustable-rate mortgages originated in 2005 and 2006.
Statements in this press release, other than purely historical information, regarding our future plans and objectives and expected operating results, dividends and share repurchases and statements of the assumptions underlying such statements, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained herein are based on certain assumptions that may not be correct. They are subject to risks and uncertainties incident to our business that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described in the reports and statements filed by us with the Securities and Exchange Commission, including (among others) those listed in our Form 10-K, Form 10-Q and Form 8-K, and include the risks that our membership persistency or renewal rates may decline, that we may not be able to continue to grow our memberships and earnings, that we are dependent on the continued active participation of our principal executive officer, that future litigation may have a material adverse effect on us if resolved unfavorably to us, that we could be adversely affected by regulatory developments, that competition could adversely affect us, that we are substantially dependent on our marketing force, that our stock price may be affected by short sellers, that we have been unable to significantly increase our employee group membership sales and that our active premium in force is not indicative of future revenue as a result of changes in active memberships from cancellations and additional membership sales. Please refer to pages 14 and 15 of our 2006 Form 10-K and pages 7 and 8 of our September 30, 2007 Form 10-Q for a more complete description of these risks. We undertake no duty to update any of the forward-looking statements in this release.
SOURCE Pre-Paid Legal Services, Inc.
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