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MARQUEST MEDICAL PRODUCTS ANNOUNCES REVISED AGREEMENT

 ENGLEWOOD, Colo., March 17 /PRNewswire/ -- Marquest Medical Products, Inc. (NASDAQ: MMPI) today announced that it had completed a revised agreement in principle with Scherer Healthcare, Inc. providing up to $9.0 million in financing to Marquest. The initial agreement in principle, subject to due diligence by Scherer, was announced in January 1993. $4.5 million will be provided through guarantee of proposed mortgage debt and an additional $4.5 million will be provided through financing related to Marquest's blood gas analyzer (ABG) product line. C. Richard Piazza, president and CEO, stated that "the transaction with Scherer as outlined would enable Marquest to recover financially and independently pursue an expansion of its business."
 The revised agreement could provide Scherer a 65 percent ownership of Marquest, dependent upon stock prices and the number of warrants ultimately exercised by Scherer. If Scherer exercised all warrants and converted all securities into Marquest stock, Scherer would own approximately 9.0 million shares of Marquest common stock out of 14.0 million common shares in total. The conversion price of securities and the exercise price of warrants issued to Scherer in connection with the proposed transaction are at $1.06 per share.
 Marquest must continue to finance deficit cash flows related to the recovery of its business and the consolidation of its operations into its main manufacturing plant in Englewood. Under the terms of the agreement Scherer will guarantee a proposed $4.5 million mortgage loan. Additionally, Scherer will provide $4.5 million of financings through a sale and leaseback transaction involving the ABG product line and related equipment.
 Importantly, Scherer will work with Marquest to refinance $12.5 million of the Swiss bonds of Marquest which are in default. Scherer and Marquest anticipate utilizing a combination of Scherer and Marquest securities for this purpose.
 Scherer will have the right to designate a majority of the corporate directors of Marquest upon consummation of the transactions. The first availability of cash to Marquest is expected in early April, with completion of the transaction anticipated by mid-May 1993.
 Marquest Medical Products, Inc. is an international manufacturer and distributor of specialty respiratory and anesthesia disposable devices. Scherer Healthcare, Inc. provides healthcare and pharmaceutical services, including infectious medical waste disposal, medical and surgical supplies, pharmaceutical research based on computer-assisted design, and over-the-counter pharmaceuticals.
 -0- 3/17/93
 /CONTACT: C. Richard Piazza, president and CEO, or Charles M. Obermeyer, senior vice president-finance of Marquest Medical Products, 303-790-4835/


CO: Marquest Medical Products, Inc. ST: Colorado IN: HEA SU:

SM-WB -- NY010 -- 6912 03/17/93 09:20 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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