Pre-Paid Legal Services, Inc. Announces Additional Stock Repurchases

October 25, 1999 12:06 PM EDT

ADA, Okla., Oct. 25 /PRNewswire/ -- Pre-Paid Legal Services, Inc. (NYSE: PPD) ("Pre-Paid"), today announced that it has resumed its previously announced stock repurchase program and that its Board of Directors has authorized an additional repurchase of 250,000 shares. Today's additional authorization increases the total number of shares to be reacquired to 1,250,000. Pre-Paid purchased approximately 140,000 shares last week. Including last week's purchases, Pre-Paid has reacquired 887,800 shares since April 6, 1999 for total consideration of $23.2 million, or an average price of $26.10 per share. No time limit has been set for completion of the additional shares.

Harland Stonecipher, Chairman, commented, "Obviously, we are concerned about what has happened to our stock in the market last week. We have been in business 28 years and think we have an outstanding company and a great and unique opportunity to build a high-quality, much larger, highly profitable cash generating company. We cannot control who buys, sells or sells short our stock. People do so for a variety of reasons, many of which have little to do with our business. We will continue to focus, as we have for the last 28 years, on building the greatest, highest quality company we can. Highest quality in terms of the product we deliver to our customers, the opportunities we deliver to our employees and sales associates and the results we deliver to our shareholders."

Pre-Paid Legal Services develops, underwrites and markets legal service plans nationally. The plans provide for legal service benefits, including unlimited attorney consultation, will preparation, traffic violation defense, automobile-related criminal charges, letter writing, document preparation and review and a general trial defense benefit. More information can be located at the Company's homepage on the worldwide web at prepaidlegal.com.

Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives and expected operating results constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward- looking statements are based on certain assumptions which may not be correct and are subject to all of the risks and uncertainties incident to the Company's business which are described in the reports and statements filed by the Company with the Securities and Exchange Commission. As a result, actual results may vary materially from those described in the forward-looking statements. SOURCE Pre-Paid Legal Services, Inc.

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