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WRI CLOSES OVER-SUBSCRIBED PRIVATE PLACEMENT

 TUCSON, Ariz., June 24 /PRNewswire/ -- Work Recovery Inc. (NASDAQ: WORK), a Tucson-based provider of advanced rehabilitation technology and a national network of testing clinics, announced today that it had closed a private placement on June 7, 1993. The offering was over-subscribed and raised gross proceeds of $5,775,000. In addition to the closing amount, the placement also provides for an additional capital infusion, at the company's discretion, of $7,787,500 over the next 27 months, for a total private placement of $13,562,500. The placement agent for the offering was First Equity Capital Securities Inc., of New York.
 Christopher H. Bingham, chief executive officer of Work Recovery Inc., stated that the proceeds provide for the company's short and medium-term working capital requirements for enhancement and expansion of its network of rehabilitation clinics and manufacturing operations. Bingham went on to state that the company is pleased that a number of institutional investors participated in the placement. Other participants in the placement included medical, business, and insurance professionals, who have an ongoing interest in both the company's cost containment equipment and its national network of clinics.
 -0- 6/24/93
 /CONTACT: Nancy Bommer, investor relations of Work Recovery, 800-332-ERGO/
 (WORK)


CO: Work Recovery Inc. ST: Arizona IN: HEA SU:

JB-EH -- LA020 -- 5263 06/24/93 11:07 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:219
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