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NOVACARE ANNOUNCES STOCK REPURCHASE PROGRAM

    KING OF PRUSSIA, Pa., Aug. 15 /PRNewswire/ -- NovaCare, Inc. (NYSE: NOV) today announced that its Board of Directors authorized the repurchase, in the open market, of up to 1,000,000 shares of the company's issued and outstanding common stock.  The company has approximately 64,000,000 shares of common stock outstanding.
    "Given the current price range of our stock, this is an advantageous time to buy shares," said John H. Foster, chairman and chief executive officer.  "We are advocates of employee and management stock ownership and this purchase should satisfy our stock option and employee 401(k) obligations for the next 12 to 15 months."
    NovaCare, Inc. is the largest provider of contract rehabilitation therapy, outpatient rehabilitation and orthotic and prosthetic patient care services in the United States.  In addition, the company operates 11 acute care medical rehabilitation hospitals and manages subacute programs.  NovaCare clinicians treat more than 35,000 patients per day, across 41 states.
    /delval/
    -0-                   8/15/94
    /NOTE TO EDITORS:  NovaCare's corporate logo is available immediately, at no charge, to any media with telephoto receiver or electronic darkroom (PC or Macintosh) that can accept overhead transmissions.  To retrieve this logo, please call 214-416-3686./
    /CONTACT:  Susan J. Campbell, director of Investor Relations, 610-992-7425, or Carol J. Klein, vice president-Communications, 610-992-7240, both of NovaCare/
    (NOV)


CO: NovaCare, Inc. ST: Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York  IN: HEA SU:

MJ-JM -- PH012 -- 6580 08/15/94 10:31 EDT EDT
abbr.
Eastern Daylight Time


EDT Eastern Daylight Time

EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York

EDT 
 
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Publication:PR Newswire
Date:Aug 15, 1994
Words:235
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