Acadia OKs Multi-Million-Dollar Private Placement; Funds To Be Used For Launch of MedLecture.com Site.

AUBURN, Maine--(BUSINESS WIRE)--Nov. 22, 1999--

The Acadia Group (OTCBB:ACAD), parent company of Acadia National Health Systems and MedLecture.com, today announced that its board of directors has approved steps to raise funds through a multi-million-dollar private placement.

The funds will be used for marketing, infrastructure and related go-to-market costs for Acadia Group's innovative continuing medical Internet education (CMiE(TM)) venture, MedLecture.com, a multi-media e-commerce product featuring grand round lectures provided exclusively by the nation's top medical schools.

Today's announcement follows Friday's vote by Acadia Group shareholders to formally merge Acadia National, a national financial and consulting company for physicians and medical service organizations, and Medlecture.com, a Web-based provider of multi-disciplinary continuing medical education programs, as well as moves by Acadia shareholders to appoint a new national board of directors for the parent company.

"We have assembled a skilled group of experienced medical and e-commerce experts to help us create and launch this exciting new wave of medical and professional education products," said Emile Clavet, chairman of Acadia Group. "Investor interest continues unabated since we first announced this breakthrough initiative. Private fund raising to further capitalize this innovation will inevitably lead to an IPO for MedLecture.com in the very foreseeable future."

Added Acadia Group Chief Executive Officer John W. Holt, Jr.: "The Internet is the fastest growing educational opportunity for medical and other professionals. MedLecture.com will create an instantly accessible, top quality e-classroom for time-starved doctors to quickly gain CME credits without onerous testing. This is a breakthrough for continuing education."

The company plans to launch their proprietary product in January, and has been acquiring exclusive content for the venture from national medical schools for several months.

"Doctors who have viewed the grand round lectures featuring our unique multi-media format say it is the answer for them to stay current with the latest breakthroughs in medicine and, ultimately, will enable them to better serve their patients," said Dr. Douglas Farrango, an Acadia Group board member and the Maine-based practicing family physician who developed the MedLecture.com concept.

Farrango brainstormed MedLecture.com after noting that his harried colleagues were turning to the Internet in search of an easily accessible continuing education solution that offered professional content in an exciting and interesting format.

"We are trying to replicate as closely as possible the personal and in-depth learning experience of the live lecture hall, without the added distraction of commercial messages flashing across the screen or unnecessary testing hurdles," said Farrango, noting that the Acadia Group is also taking steps to severely restrict commercialization of the site.

This news release contains forward-looking statements that involve a number of risks and uncertainties within the meaning of the federal securities law. These forward-looking statements include comments on business goals and financial performance. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays in product development, undetected errors or bugs in hardware or software, changes in product pricing policies, competitive pressures, contract renewals, general conditions and risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission.