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UNITED MEDICORP ANNOUNCES SETTLEMENT OF LEASE OBLIGATIONS

 DALLAS, Feb. 23 /PRNewswire/ -- United Medicorp, Inc. (Dow Jones ticker symbol: UMCI) today announced the execution of a Settlement And Termination Agreement with its principal equipment lessor, Summit Capital Corporation (SCC) and SCC's assignee, American Pacific Acceptance Corporation (APAC).
 Under the terms of the agreement, UMC will pay $316,440 and issue 311,000 shares of its common stock in exchange for clear title to leased computer hardware, software, and telephone equipment with an original cost of $857,799. In addition, UMC, SCC, and APAC released each other from all claims arising under the lease agreements.
 The financial impact of the settlement is to eliminate $528,000 in future lease payments which were due to be paid by UMC to APAC within the next 18 months, plus additional amounts payable to SCC to exercise purchase options on essential equipment at the end of the lease period.
 United Medicorp provides third party healthcare claims processing, management, collection, and accounting services for hospitals throughout the United States.
 -0- 2/23/93
 /CONTACT: Pete Seaman, chief financial officer of United Medicorp, Inc., 214-360-5262/
 (UMCI)


CO: United Medicorp, Inc. ST: Texas IN: HEA SU:

TS -- NY031 -- 9314 02/23/93 10:06 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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