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CONSOLIDATED HEALTH CARE ACQUIRES THREE OUTPATIENT REHABILITATIVE CLINICS FOR $1.2 MILLION

 FRANKLIN, Mass., Oct. 19 /PRNewswire/ -- Consolidated Health Care Associates, Inc. (NASDAQ: CHCA) today announced the acquisition of three additional outpatient rehabilitative clinics for a purchase price of $1.2 million. The three locations (Newark, Del. and Wilmington, Del.) were purchased with $200,000 in cash, with the balance comprised of a promissory note for $500,000 and a convertible note for $500,000, which may be converted into common stock at the seller's option. Funds were derived from an equity private placement of approximately $700,000 for acquisition purposes.
 According to Arnold E. Benson, chairman and chief executive officer of Consolidated, "The three facilities have combined annual revenues of $1.3 million and will contribute immediately to our profitability. We are optimistic these additional rehab facilities will create a synergy for our expanding network of 18 rehab clinics in three regions -- eight in the Northeast, seven in the Midatlantic and three in the Southeast. We will continue to consider further acquisitions of outpatient rehabilitative clinics."
 Consolidated Health Care owns and operates a growing network of private practice outpatient rehabilitation clinics in Massachusetts, Maine, Florida, Delaware and Pennsylvania which provide rehabilitative services including physical therapy, sports medicine, work hardening and occupational therapy.
 -0- 10/19/93
 /CONTACT: Arnold E. Benson, chairman and CEO, 508-520-2422, or Jenna J. Focarino, 212-888-6115, both for Consolidated Health Care Associates/
 (CHCA)


CO: Consolidated Health Care Associates, Inc. ST: Massachusetts IN: HEA SU: TNM

TM -- NY007 -- 3827 10/19/93 10:03 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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