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DELAWARE COURT TO HEAR COMMONWEALTH'S CONSENT-RELATED SUIT AGAINST PROVIDENCE AT TRIAL ON NOV. 9

BEREA, Ohio, Oct. 27 /PRNewswire/ -- Providence Health Care, Inc. (NASDAQ: PHCI) announced today that a trial will commence in Delaware Chancery Court at 10 a.m. on Tuesday, Nov. 9, before Chancellor Allen with respect to Commonwealth Associates' lawsuit against the company announced earlier today. Commonwealth's lawsuit contends that its nominees were validly elected as directors of the company, replacing the current board. Providence, however, maintains its position announced earlier today that Commonwealth was short consents representing about 2 percent of the company's outstanding shares in its effort to replace the board. Lawrence B. Cummings, chairman and chief executive officer of Providence, stated, "I am confident that the court will find in Providence's favor and that the current board and management will remain in place following Chancellor Allen's decision on this issue." -0- 10/27/93 /CONTACT: Stanley J. Kay of MacKenzie Partners, Inc., 212-929-5940/ (PHCI)

CO: Providence Health Care, Inc.; Commonwealth Associates ST: Ohio IN: HEA SU:

CK -- NY134 -- 7734 10/28/93 09:09 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:167
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