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NHI NELSON HOLDINGS INTERNATIONAL LTD. ANNOUNCES THIRD QUARTER 1993 RESULTS

 TORONTO, Nov. 23 /PRNewswire/ -- NHI Nelson Holdings International Ltd. (the "company") (Vancouver: NNH) today announced financial results (in United States dollars) for the three and nine months ended Sept. 30, 1993.
 Effective Aug. 14, 1993, substantially all of the assets and liabilities of the company were transferred to its then wholly owned Bermuda subsidiary, Nelson Trade & Finance Ltd. ("NTF") (Toronto: NTF), under a plan of arrangement (the "arrangement") approved by the company's shareholders at the Annual and Special Meeting held June 29, 1993, and subsequently approved by the Ontario Court of Justice. Under the arrangement, shareholders remained holders of the same number of outstanding shares of NHI and also became holders of an identical number of shares of NTF. NHI does not own any shares of NTF.
 At Sept. 30, 1993, as a result of the arrangement, NHI had net assets of $1,000 only.
 NHI continues to have available to it all tax loss carryforwards which were available to it immediately prior to the transfer to NTF. Details of the arrangement are set out more fully in the company's Management Proxy Circular dated May 25, 1993, which was mailed to shareholders on or about May 27, 1993.
 The company announced on June 3, 1993, that the board of directors had approved a private placement of 3,000,000 company common shares. This private placement closed July 5, 1993, and the company realized gross proceeds of Cdn. $1,417,500. Under the terms of the placement, a total of 1,350,000 or 45 percent of the newly issued shares were sold to company directors and officers at a price of Cdn. $0.50 per share with the balance of 1,650,000 newly issued shares sold to arm's-length purchasers at a price of Cdn. $0.45 per share. The total number of shares issued and outstanding was increased from 14,350,331 at June 30, 1993, to 17,350,331 as of such closing date and at Sept. 30, 1993.
 The company's financial statements reflect the results of this placement of common shares, net of issue costs of Cdn. $37,125, as $1,117,690.
 In the third quarter, the company recognized a net gain on disposition of Nelson Vending Technology Ltd. ("NVT"), its discontinued subsidiary, of $991,000 as a result of NVT's previously announced amalgamation with Cinram Ltd.
 Revenues from current operations were $42,000 in the quarter ended Sept. 30, 1993, compared to $62,000 for the quarter ended Sept. 30, 1992.
 The company has been inactive since Aug. 14, 1993, the effective date of the arrangement.
 Net profits after taking into account the gain on disposition of NVT were $848,000 for the quarter ended Sept. 30, 1993, and $1,217,000 for the nine months ended Sept. 30, 1993. The company recorded a net loss of $202,000 in the quarter ended Sept. 30, 1992, and a loss of $1,150,000 for the nine months ended Sept. 30, 1992.
 Income attributable to common and common equivalent shares was $0.08 for the nine months ended Sept. 30, 1993, compared to a loss of $0.06 for the nine months to Sept. 30, 1992. The weighted average number of common and common equivalent shares outstanding for the nine months ended Sept. 30, 1993, was 15,689,617 compared to 14,350,331 for the nine months to Sept. 30, 1992.
 NHI NELSON HOLDINGS INTERNATIONAL LTD. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations


(Amounts in Thousands of U.S. Dollars Except Per Share Information)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1993 1992 1993
 (Restated) (Restated)
 Revenues $62 $42 $126 $436
 Costs and expenses:
 Participations payable 25 --- 47 110
 Selling, general and
 administrative expenses 239 185 1,062 800
 Total (202) (143) (983) (474)
 Other income:
 Gain on sale of
 marketable securities --- --- 736 700
 Income from continuing
 operations before
 provision for taxes (202) (143) (247) 226
 Provision for taxes based
 on income --- --- 2 ---
 Income from continuing
 operations (202) (143) (249) 226
 Discontinued Operations:
 Gain on disposition of
 interest in former
 subsidiary --- 991 --- 991
 Loss from operations, net
 of taxes:
 Vending operations --- --- (901) ---
 Income (loss) from
 discontinued operations --- 991 (901) 991
 Income (loss) applicable
 to common and common
 equivalent shares ($202) $848 ($1,150) $1,217
 Income (loss) per common
 and common equivalent
 shares:
 Continuing operations ($0.02) $0.00 $0.00 $0.03
 Discontinued operations (0.00) 0.05 (0.06) 0.05
 Income (loss) applicable to
 common and common
 equivalent shares ($0.02) $0.05 ($0.06) $0.08
 Weighted average common
 and common equivalent
 shares outstanding 14,350,331 18,312,288 14,350,331 15,689,617
 -0- 11/23/93
 /CONTACT: Malcolm Reeve, COO, 310-285-6115/
 (NNH NTF)


CO: NHI Nelson Holdings International Ltd. ST: Ontario IN: FIN SU: ERN

EH-LS -- LA016 -- 7140 11/23/93 09:04 EST
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