Mr. Riley: Citizens is a financial services holding company comprised of five life insurance companies, a funeral home, an information technology company as well as a couple of other specialty corporations in the structure. The life insurance companies, which are headquartered in Austin, Texas, consist of one stipulated premium company and four legal reserve stock life companies. One company is domiciled in the state of Colorado, two in Illinois, and two in the state of Texas. We hold licenses to operate in about 20 states across the United States with the predominant part of our business and sales being made internationally on a US dollar basis, with premiums paid in US dollars on US banks. We have a very strong presence in the Latin American market, virtually every country in Central and South America, and we have expanded our presence over the last 12 months to countries in the Pacific Rim ' Taiwan, China, Malaysia, Japan, Korea, specifically. Each year, we typically will accept applications from more than 25 countries around the world.
TWST: What do the overall revenues look like and where are the
growth opportunities?
Mr. Riley: We anticipate total revenues for the year 2002 will be
approximately 80 million. Let me give you an overview of our
growth plan and what we're expecting to do in terms of growth
through the end of this decade. The company has established a
goal of 1 billion in assets by the year 2010. We expect to reach
250 million in revenue and as well as 250 million of
stockholders' equity within that same period of time. We are
developing the company on three major fronts: one, by selling
products here in the United States; two, by selling products
throughout the world on a US dollar basis; and three, by
acquiring other life and health insurance companies. Since
inception, we have completed more than a dozen acquisitions and
members of our management team have participated in more than 40
such events over their careers.
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