FROST HANNA HALPRYN CAPITAL GROUP, INC. SIGNS LETTER OF INTENT WITH STERLING HEALTH CARE GROUP, INC.
MIAMI, Oct. 28 /PRNewswire/ -- Frost Hanna Halpryn Capital Group, Inc. (OTC Bulletin Board: FHHA), Sterling Health Care Group, Inc., a Florida corporation ("Sterling Florida"), and Sterling Healthcare, Inc., a Texas corporation affiliated with Sterling Florida ("Sterling Texas"), together announced that they have entered into a letter of intent regarding a business combination of Frost Hanna Halpryn Capital Group, Inc. ("Frost Hanna Halpryn") and Sterling Florida and Sterling Texas (collectively, the "Sterling Group"). The principal business activity of the Sterling Group is providing physician contract management services for hospital emergency departments in 13 states. Frost Hanna Halpryn is a publicly held corporation formed in 1992 to effect a business combination with an operating entity. Under the terms of the proposed transaction, Frost Hanna Halpryn shall issue 2,200,000 shares of common stock at the closing. The closing of the transaction is subject to, among other things, the execution of a definitive agreement, approval of the transaction by the shareholders of Frost Hanna Halpryn and the Sterling Group and certain third party consents. There can be no assurance that the proposed transaction will be consummated. According to information furnished by the Sterling Group to Frost Hanna Halpryn, for the year ended Dec. 31, 1992 (on an audited basis), the Sterling Group reported combined gross revenues of $45,800,000 and combined pre-tax income of $342,000. For the nine months ended Sept. 30, 1993, the Sterling Group reported (on an unaudited basis), combined gross revenues of $41,482,000 and combined pre-tax income of $1,718,000. -0- 10/28/93 /CONTACT: Mark J. Hanna, president, Frost Hanna Halpryn Capital Group, 305-371-3442/ (FHHA)
CO: Frost Hanna Halpryn Capital Group, Inc.; Sterling Health Care
Group, Inc.; Sterling Healthcare, Inc. ST: Florida, Texas IN: HEA SU:
AW-RK -- FL016 -- 7999 10/28/93 14:00 EDT