The proposed spin-off of our health care business may not be completed in accordance with the expected plans or anticipated
timeline, if at all.
In November 2013, we announced our intention to pursue a potential tax-free spin-off of our health care business. Execution of
the proposed spin-off will require, among other things, (i) obtaining final approval from our Board of Directors, (ii) filing a
registration statement on Form 10 with the SEC, (iii) obtaining an opinion of counsel that the transaction will qualify for tax-free
treatment under IRS regulations and (iv) obtaining an opinion from a nationally-recognized investment banking firm or other
authority confirming the viability and solvency of the new health care company after the distribution. Unforeseen circumstances
could delay, prevent or otherwise adversely affect the proposed spin-off, including possible issues or delays in obtaining the required
regulatory approvals or clearances, disruptions in capital and financial markets or other potential barriers. Therefore, we cannot
assure that we will be able to complete the spin-off under the expected plans or anticipated timeline, if at all.
The proposed spin-off of our health care business will require significant expenditures and attention of management and may
adversely affect our business, results of operations or financial condition and, if completed, may not achieve the intended
results.
We anticipate incurring significant expenses in connection with the proposed spin-off. In addition, completion of the proposed
spin-off will require significant amounts of our management’s time and effort which could divert management’s attention from
operating and growing our businesses and could adversely affect our business, results of operations or financial condition. If the
proposed spin-off is completed, our operational and financial profile will change upon the separation of the health care business
from our other businesses. As a result, our diversification of revenue sources will diminish, and our results of operations, cash
flows, working capital and financing requirements may be negatively impacted. Additionally, after the spin-off, we may not be
able to achieve our historical levels of synergies or cost savings, which could result in higher cost allocation to our remaining
segments.