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AM DIGANOSTICS, INC.'S UK SUBSIDIARY PLACED IN RECEIVERSHIP

      AM DIGANOSTICS, INC.'S UK SUBSIDIARY PLACED IN RECEIVERSHIP
    INDIANAPOLIS, Nov. 8 /PRNewswire/ -- AM Diagnostics, Inc. ("AM") announced today that effective Nov. 1, 1991, its subsidiary, American Monitor, UK ("AMUK") of the United Kingdom, has been placed into administrative receivership.  This administrative receivership resulted from AMUK's failure to meet its financial obligations with its primary lender in a timely manner.  Administrative receivership places the company's assets and control of management in the hands of administrative receivers appointed by AM's secured creditors.
    As previously disclosed in AM's Form 10-K filed with the Securities and Exchange Commission for the period of Sept. 17, 1990, through June 30, 1991, AM has been unable to meet its obligations in a timely manner due to severe cash constraints.  As a result, AM is in default in relation to various loan and lease commitments.  Under the terms of these agreements, the defaults accelerate the payments due under the agreements such that amounts previously considered long-term obligations have now been classified as current obligations.  AM is currently negotiating with various financing sources to obtain additional financing for working capital purposes.  Additionally, AM is pursuing long-term financing arrangements with current lenders.
    AM designs, manufactures and markets automated blood chemistry testing equipment for the clinical chemistry, therapeutic drug monitoring and immunoassay marketplace serving large hospitals and private clinical laboratories worldwide.
    -0-                   11/8/91
    /CONTACT:  Mark J. Maten, vice president-finance, 317-872-0300, or Yvonne L. Bova, investor relations director, 313-873-0200, both of AM Diagnostics, Inc./ CO:  AM Diagnostics, Inc.; American Monitor, UK ST:  Indiana IN:  MTC SU: ML -- DE012 -- 2646 11/08/91 14:39 EST
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Publication:PR Newswire
Date:Nov 8, 1991
Words:266
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