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HORIZON HEALTHCARE ANNOUNCES SALE OF THE SEATTLE FACILITY OF GREENERY REHABILITATION GROUP

 ALBUQUERQUE, N.M., Sept. 7 /PRNewswire/ -- Horizon Healthcare Corp. (NYSE: HHC) today announced, in accordance with its previously released merger plans, it has negotiated an agreement on behalf of Greenery Rehabilitation Group Inc. (NYSE: GRG) to sell Greenery's 143 bed, Seattle rehabilitation and skilled nursing facility. The sale price is $5,025,000. The purchaser is Health and Rehabilitation Properties Trust (NYSE: HRP), which will lease the facility to Sun Healthcare Group Inc. (NYSE: SHG). In addition to other benefits of the transaction, Horizon will be released from $4.7 million of contingent liabilities.
 Commenting on the sale, Neal Elliott, Horizon's president and chief executive officer, stated, "Horizon is performing consulting services to Greenery pending the announced merger. The Seattle facility was not considered consistent with Horizon's or Greenery's future strategic plans. This transaction will have a positive impact on the proposed merger. At the time of the merger, GRG will have $5 million more cash, eliminate a proforma net loss of $2.0 million and enable the company to focus on improving the continuing facilities."
 A GRG shareholders vote on the proposed merger is now scheduled for Oct. 25, 1993.
 Horizon Healthcare, headquartered in Albuquerque is a leading provider of quality specialty healthcare services including licensed specialty hospitals and subacute care, pharmacy services, rehabilitation therapies, laboratory services, Alzheimer's care and long-term nursing care. Through National Institutional Pharmacy Services Inc., CRC Rehabilitation Centers Inc., and LTC Medical Laboratories Inc., Horizon provides pharmacy services, rehabilitation therapies and clinical laboratory services. Horizon operates five specialty hospitals, four specialty subacute units, 82 long-term care facilities with a total of 8,993 beds in 11 states, and institutional pharmacy services serving more than 22,000 beds.
 -0- 9/7/93
 /CONTACT: Michael H. Seeliger of Horizon Healthcare, 505-881-4961/
 (HHC GRG HRP SHG)


CO: Horizon Healthcare Corp.; Greenery Rehabilitation Group Inc.;
 Health and Rehabilitation Properties Trust; Sun Healthcare Group
 Inc. ST: New Mexico, Washington IN: HEA SU:


BB -- DV003 -- 9213 09/07/93 09:30 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
Words:331
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