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CARETENDERS HEALTHCORP SELLS HEALTHCARE REVIEW TO NATIONAL HEALTH SERVICES, INC.

 LOUISVILLE, Ky., Aug. 30 /PRNewswire/ -- Caretenders HealthCorp (NASDAQ: CTND) announced that it has sold Healthcare Review Corporation ("HRC") to National Health Services, Inc., a subsidiary of Pioneer Financial Services, Inc. (NYSE: PFS). Caretenders received $1.2 million in cash for its 80 percent interest in HRC, with the potential to receive up to an additional $428,000 in contingent payments through 1997 based upon the renewal of, and operations under, certain major contracts by HRC. According to William B. Yarmuth, the company's chairman and CEO: "The sale of HRC is consistent with the company's decision to discontinue its utilization review and case management services. The proceeds from the sale will be used to reduce debt under the company's line of credit and to develop adult day care operations."
 -0- 8/30/93
 /CONTACT: C. Steven Guenthner or William B. Yarmuth of Caretenders HealthCorp, 502-425-4707/
 (CTND PFS)


CO: Caretenders HealthCorp; Healthcare Review Corporation; National
 Health Services, Inc; Pioneer Financial Services, Inc. ST: Kentucky IN: HEA SU: TNM


SB -- CH005 -- 7169 08/30/93 15:21 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
Words:175
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