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THE ROCKING HORSE CHILD CARE CENTERS OF AMERICA ISSUES ANNOUNCEMENT

 THE ROCKING HORSE CHILD CARE CENTERS OF AMERICA ISSUES ANNOUNCEMENT
 CHERRY HILL, N.J., June 1 /PRNewswire/ -- The Rocking Horse Child Care Centers of America, Inc. (NASDAQ: RHCC) announced today a $2 million infusion of cash and a strengthening of its management structure.
 JBS Investment Banking, Ltd., located in Paoli, Pa., raised $2 million in equity capital for Rocking Horse and restructured the company's bank debt. The company now is in compliance with all of its bank debt requirements with a new credit line to April 30, 1994, and automatic extensions until Dec. 31, 1998, in the event certain performance requirements are met.
 A.J. Clegg, owner of JBS Investment Banking, Ltd., has been named chairman and chief executive officer of Rocking Horse. Douglas E. Carneal will remain as president and chief operating officer.
 JBS invests in companies where JBS can have a significant positive impact on the management and profitability of the company.
 Clegg stated that Rocking Horse's operations have produced reasonable operating profits, but the debt structure has prevented the company from reaching its potential. Rocking Horse, which operates 85 centers in 11 states with licensed capacity in excess of 11,000 children, had first quarter earnings of $511,761. Clegg said that through the equity cash infusion, bank debt restructuring and strategic divestitures, the company anticipates a significant reduction in the debt burden. He further stated that the entire management team is very optimistic and enthusiastic about the company's future.
 /delval/
 -0- 6/1/92
 /CONTACT: A.J. Clegg of JBS Investment Banking, Ltd., 215-644-5900, or D.E. Carneal of Rocking Horse, 609-482-9100/
 (RHCC) CO: The Rocking Horse Child Care Centers of America, Inc.; JBS
 Investment Banking, Ltd. ST: New Jersey, Pennsylvania IN: SU: RCN


CC-JS -- PH016 -- 5667 06/01/92 11:59 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:297
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