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3M TO INCREASE EQUITY INVESTMENT IN HEARx

 3M TO INCREASE EQUITY INVESTMENT IN HEARx
 WEST PALM BEACH, Fla., May 1 /PRNewswire/ -- Paul A Brown, M.D.,


chairman of HEARx Ltd. (NASDAQ: EARS), announced today that Minnesota Mining and Manufacturing (NYSE: MMM) has agreed to invest an additional $1.5 million in HEARx, raising their equity position from 11 percent to 16 percent.
 3M management stated that this decision was made on the basis of the progress at HEARx since their initial investment. These funds will be used for working capital and to expand the HEARx center network in Florida by increasing the number of company-owned centers and to begin to develop the HEARx franchise network. This agreement is subject to completing legal documents.
 "The additional investment by 3M will increase HEARx assets to more than $4 million and shareholder's equity to more than $2.5 million," Brown said. "It would then be possible for HEARx to apply for listing on a national exchange."
 Brown stated that because of the strong working relationship and support received from 3M, it has been granted options to invest an additional $3 million.
 HEARx Ltd., the nation's largest network of independent auditory vestibular rehabilitative centers, has comprehensive state-of-the-art facilities offering a full range of diagnostics and rehabilitative services and currently operates 30 locations in New York, Florida, Georgia and Oregon. HEARx already has strategic alliances with Humana Health Care Plans and Aetna Health Care Plans of New York and AARP Pharmacy Services.
 -0- 5/1/92
 /CONTACT: Paul A. Brown, chairman of HEARx Ltd., 407-478-8770, or Edward Silverman of Silverman, Heller Associates, 212-682-9222, for HEARx Ltd./
 (EARS MMM) CO: HEARx Ltd., Minnesota Mining and Manufacturing ST: Florida IN: HEA SU: FNC


EA-BN -- NY012 -- 5335 05/01/92 09:21 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:288
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