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NATURAL CHILD CARE, INC. ANNOUNCES RESIGNATIONS OF CHAIRMAN OF THE BOARD AND PRESIDENT; APPOINTMENT OF ALEX ADLER AS ACTING PRESIDENT

 NATURAL CHILD CARE, INC. ANNOUNCES RESIGNATIONS OF CHAIRMAN OF THE
 BOARD AND PRESIDENT; APPOINTMENT OF ALEX ADLER AS ACTING PRESIDENT
 ARMONK, N.Y., Sept. 24 /PRNewswire/ -- Natural Child Care, Inc. (NASDAQ: NACC, NACCU, NACCW) today announced that Mitchell Deutsch, the president of the company, and Dr. Michael Mitchell, the chairman of the board, have resigned all of their positions with the company. The resignations were tendered after the board discovered that improper documentation had been relied upon by the company to make certain reimbursement payments for expenses of approximately $37,900 in 1991 to Mr. Deutsch which resulted in the classification of such expenses as assets and $52,000 in payments were made to Dr. Mitchell in May and July 1992 for services to the company without board verification or approval although the company had received higher outside bids. Half of such amount was then paid by Dr. Mitchell to Mr. Deutsch.
 The board of directors has directed the company's independent auditors in connection with their audit of the company's financial statements for the fiscal year ended July 31, 1992 to determine whether any other such payments may have been made. Both Dr. Mitchell and Mr. Deutsch have agreed to cooperate with this review and to make full restitution to the company. In addition, the employment agreements of each of Mr. Deutsch and Dr. Mitchell were also terminated in accordance with their terms and they each voluntarily returned to the company 168,000 shares of the company's common stock each owned as provided in such agreements. Their remaining shares will be voluntarily delivered to the company to be held pending satisfactory resolution of payment of the final amount of restitution determined to be due from each.
 The board believed it to be in the best interests of the company to retain Dr. Mitchell, as the founder and party primarily responsible for directing clinical trials and new product formulation of the company's products, as a consultant at will to the company under arrangements to be determined.
 The company also announced that Mr. Alex J. Adler, a member of the company's board of advisers, had been elected a director and that Mr. Carl Wolf and Mr. Robert Demuth had resigned as directors. Mr. Jules Zimmerman, chairman of the board's audit committee, will also serve as chairman of the board. Mr. Adler was also retained as acting president of the company to assist management personnel in product planning, marketing and administration. Mr. Adler has spent almost 40 years in pharmaceutical and related industries in advertising and marketing activities. The board of directors also elected Mr. Daniel France as treasurer, secretary and chief financial officer and Mr. Ramesh Prabhu, previously director of operations, as vice president- operations. Mr. James Dunn continues as vice president-sales.
 In announcing these management changes, the board also expressed its continued confidence in the company's prospects based on the experience and commitment of the management now in place and the progress made in the development and marketing of the company's Natural Child Care over- the-counter non-prescription medications and personal and health care products for infants and young children.
 -0- 9/24/92
 /CONTACT: Daniel France, chief financial officer of Natural Child Care, Inc., 914-273-9303/
 (NACC) CO: Natural Child Care, Inc. ST: New York IN: MTC SU: PER


TS-OS -- NY042 -- 3104 09/24/92 12:38 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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