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AMERICAN PHYSICIANS SERVICE GROUP ANNOUNCES NEW BOARD MEMBER

 AMERICAN PHYSICIANS SERVICE GROUP ANNOUNCES NEW BOARD MEMBER
 AUSTIN, Texas, June 24 /PRNewswire/ -- American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) announced today that its affiliate, Prime Medical Services, Inc., has signed a license agreement for the exclusive use of a lithotripter owned by Alabama Renal Stone Institute, Inc. ("ARSI"), effective April 1, 1992. As consideration for the license agreement, Prime has paid ARSI $1.6 million in cash and notes and 1,500,000 shares of Prime common stock. As an additional inducement to ARSI, APS has issued options to ARSI to purchase 475,000 shares of Prime common stock at a price of $1.25 per share.
 Ken Shifrin, chairman of the APS board, stated, "We expect this transaction to positively impact earnings at Prime and thus, have a correspondingly positive impact on APS' earnings. Dr. Derrill Crowe and Paul R. Butrus, the stockholders of ARSI will continue to manage the facility, and Butrus has also been elected to the APS board of directors."
 Shifrin added, "We are extremely pleased that Butrus has agreed to join our board. Butrus has a broad business background, especially in providing management services for medical related enterprises."
 APS is a financial services firm, with subsidiaries and affiliates that provide: medical malpractice insurance; third party medical and dental administration services; brokerage, financial planning and investment services to individuals and institutions; and computer systems for medical clinics and university medical schools. Its corporate offices are located in Austin, Texas with regional offices in San Antonio and Dallas, Texas and Little Rock, Ark.
 -0- 6/24/92
 /CONTACT: Ken Shifrin, chairman of the board of American Physicians Service Group, Inc., 512-328-0888/
 (AMPH) CO: American Physicians Service Group Inc. ST: Texas IN: HEA SU: PER


TQ -- NY011 -- 3183 06/24/92 09:57 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:298
Previous Article:SHAREHOLDERS OF ARES-SERONO APPROVE TWO CAPITAL INCREASES, 1:5 STOCK SPLIT AND DIVIDEND INCREASE-BOARD OF DIRECTORS APPOINTMENTS
Next Article:PRIME MEDICAL SERVICES ANNOUNCES LITHOTRIPTER INVESTMENT AND TWO ADDITIONAL BOARD MEMBERS
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