Ebix Issues Informational Update to the July 14th, 2023 Press Release

JOHNS CREEK, Ga., July 15, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: Ebix), today issued an informational release with a few clarifications and updates to the previously issued strategic update release on July 14, 2023.

Ebix clarified that the term “restated” financial information refers to Consolidated Financial Information to be presented in Offer Documents, inter alia, for Public Issues in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements Regulations), 2018, as amended and is being done solely in relation to the EbixCash IPO. It is done in a manner to ensure consistency of presentation, disclosures and the accounting policies for all the periods presented is in line with that of the latest financial year/ stub period presented. Further, the change in role of Ebix Payment Services consequent to the amendments made in the contractual arrangement(s) with the PPI Issuer(s) for future periods, in line with the RBI Letter, requires that future financials of Ebix Payment Services from financial year commencing April 1, 2023 be recorded on a net basis. It is further clarified that:

1. There has been no restatement of the US GAAP Financials or the Indian Statutory Audited Financials for any of the previous periods.
   
   
2. The restatement, as stated above, only refers to the presentation of financial information for the Offer Documents in relation to the EbixCash IPO.
   
   
3. The statutory Auditors’ report on the Restated Consolidated Financial Information should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by the statutory Auditors, nor should the report be construed as a new opinion on any of the financial statements, since it does not change EbixCash’s audited financial information for the prior periods. Please refer to page 5 of the Addendum for the full text of the statutory Auditor’s Examination Report on the Restated Consolidated Financial Information.
   
   
4. This has no effect on the profit after tax of the US GAAP Financials or the Indian Statutory Audited Financials or the Restated Consolidated Financials.
   

This update is being released in response to investor queries on the above subject. This release should not be construed as “Investment Advice” and should be read only as a simplified disclosure for Ebix investors, pertaining to relevant matters.

About Ebix, Inc.

With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel and healthcare industries.