Counsel Corporation Announces Redemption Date For All Issued And Outstanding Series III Class C Preferred Shares.

TORONTO--(BUSINESS WIRE)--May 22, 1996--COUNSEL CORPORATION (TSE:CXS NASDAQ:CXSNF) Counsel Corporation today announced that it intends to redeem, on Tuesday, May 28, 1996, all of its issued and outstanding Series III Class C Preferred Shares (the "Preferred Shares") in accordance with a Notice of Redemption dated March 26, 1996, a copy of which was sent to all registered holders of Preferred Shares.

Holders of Preferred Shares who have not already done so should deliver to Montreal Trust Company of Canada the certificates representing their Preferred Shares, together with a duly completed Letter of Transmittal, in accordance with the instructions set out in the Notice of Redemption.

Counsel Corporation has been active in the U.S. health care sector since 1983. Its 29 percent-owned American HomePatient, Inc. is one of the largest diversified providers of home health care services in the U.S. with 240 centres in 28 states. Counsel's 25 percent-owned Capstone Pharmacy Services, Inc. is a leading provider of extended care institutional pharmacy services to nursing homes with over 44,000 patient beds. Capstone is also the leading provider of pharmacy services to correctional systems in the U.S., serving over 110,000 inmates.

CONTACT: Counsel Corporation

Morris Perlis, 416/866-3193

E-MAIL: [e-mail]

or

Counsel Corporation

Stephen Weintraub, 416/866-3058

E-MAIL: [e-mail]