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AMERIHEALTH ANNOUNCES 97 PERCENT ACCEPTANCE OF WARRANT EXCHANGE OFFER

AMERIHEALTH ANNOUNCES 97 PERCENT ACCEPTANCE OF WARRANT EXCHANGE OFFER
 RICHMOND, Va., March 13 /PRNewswire/ -- AmeriHealth, Inc. (AMEX: AHH), the Richmond-based hospital management company, announced today that approximately 97 percent of holders of Warrants to purchase Subordinated Notes of AmeriHealth had accepted the Company's offer to exchange their Warrants for shares of AmeriHealth Common Stock. The exchange offer, made to holders of its privately held Warrants and Convertible Preferred Stock, Series B, commenced on Feb. 4, 1992 and is set to expire at 5:00 p.m. on March 16, 1992, until which time all acceptances are revocable. The exchange offer is conditioned upon at least 95 percent of holders of Warrants accepting the offer and is being made by the Company pursuant to an exemption from registration under Section 3 (a)(9) of the federal Securities Act of 1933.
 The terms of the offer provide that holders of Warrants shall receive 1,000 shares of AmeriHealth Common Stock for each Warrant tendered. There are currently 280 Warrants outstanding. Assuming 100 percent acceptance, a maximum of 280,000 shares of Common Stock would be issuable.
 William G. White, Chairman and Chief Executive Officer of AmeriHealth, stated that "Consummation of the exchange offer will eliminate the possibility that the Series B Preferred Stock could be exchanged by warrant and preferred holders for Subordinated Notes of the Company pursuant to the terms of exercise of the Warrants. In addition, elimination of the Warrants will result in the reclassification of the Series B Preferred Stock to stockholders equity from redeemable preferred equity.
 The Company also announced that, through the end of February, a total of 47,600 shares of Series B Preferred Stock have been converted into 2,380,000 shares of Common Stock thereby eliminating all cumulative dividend arrearages with respect to such Preferred Stock. Each share of Series B Preferred Stock is convertible into 50 shares of the Company's Common Stock. There are currently 232,400 shares of Series B Preferred Stock outstanding.
 White further stated that "The Warrant exchange offer and the conversion of the Series B Preferred Stock into Common Stock are important pieces of the Company's program to broaden its capital base in order to position AmeriHealth for growth and the refinancing of certain indebtedness at its principal facilities. The Company's operating performance continues to show significant improvement and we are confident that, if this trend continues, 1992 should be rewarding for stockholders."
 The Company owns and operates Metropolitan Hospital in Richmond, Va., and Autauga Medical Center and Autauga Health Care Center in Prattville, Ala. Additionally, AmeriHealth Management Company, a subsidiary, provides management and management consulting services for 11 health care facilities with over 1,000 beds.
 -0- 3/13/92
 /CONTACT: William G. White, 404-956-9600 or 404-988-9112, or Kenneth D. Hawkins, 804-643-1422, both of AmeriHealth, Inc./
 (AHH) CO: AmeriHealth, Inc. ST: Virginia IN: HEA SU: OFR


CM-JZ -- CH002 -- 7663 03/13/92 08:48 EST
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Publication:PR Newswire
Date:Mar 13, 1992
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