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ATI MEDICAL INC. TO BE ACQUIRED BY MEDIQ/PRN LIFE SUPPORT SERVICES

ATI MEDICAL INC. TO BE ACQUIRED BY MEDIQ/PRN LIFE SUPPORT SERVICES
 LAS VEGAS and PENNASAUKEN, N.J., Dec. 12 /PRNewswire/ -- ATI Medical Inc. (AMEX: ATI) and MEDIQ/PRN Life Support Services Inc., a wholly owned subsidiary of MEDIQ Inc. (AMEX: MED), today announced execution of a merger agreement pursuant to which MEDIQ/PRN will acquire all of the common stock of ATI Medical Inc. in a cash merger at $4 per share. ATI Medical Inc. presently has 5,465,530 common shares outstanding.
 ATI Medical will call a special meeting of its shareholders to vote upon the proposed merger. This special meeting will be held as soon as practicable following mailing to all ATI Medical shareholders of a proxy statement describing the transaction.
 Consummation of the merger is subject to a number of conditions, including among others, that the merger be approved by the holders of a majority of ATI's outstanding shares and the satisfactory completion of MEDIQ/PRN's review of the business and financial condition of ATI Medical.
 MEDIQ/PRN has obtained options from Paul E. Stevenson, chairman and chief executive officer of ATI Medical, as well as from Stephen W. Case and Lester Grove, each of whom is an executive vice president of ATI Medical, to acquire their ownership of approximately 24 percent of ATI Medical's common shares at $4 per share, and such holders have agreed to vote their shares in favor of the merger.
 MEDIQ is the parent of a group of businesses in health care services and health-care related fields. MEDIQ/PRN and ATI Medical Inc. rent life support, critical care and other equipment to hospitals and others on an immediate-availability basis.
 -0- 12/12/91
 /CONTACT: Paul E. Stevenson, chairman and CEO, or Susan J. Sittner, of ATI Medical, 702-361-8788/
 (ATI MED) CO: ATI Medical Inc.; MEDIQ Inc. ST: Nevada, New Jersey IN: HEA SU: TNM


KJ-SE -- LA018 -- 2075 12/12/91 15:36 EST
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Publication:PR Newswire
Date:Dec 12, 1991
Words:322
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