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GERIATRIC & MEDICAL COMPANIES, INC. ANNOUNCES THE COMPLETION OF A REAL ESTATE TRANSACTION

 PHILADELPHIA, June 1 /PRNewswire/ -- Geriatric & Medical Companies, Inc. (NASDAQ: GEMC) announced the sale of its Mount Laurel, N.J., facilities for a purchase price of $8.5 million. The company received $2.5 million in cash and a $6.0 million note bearing interest at 9 percent per annum. The note is based on a 25-year amortization with a balloon payment due June of 2005.
 Commenting on the sale, Daniel Veloric, chairman of the board and president, stated, "The sale of this property is consistent with the company's restructuring plan to sell under-performing nursing homes and obtain contracts to manage them."
 Mr. Veloric further stated, "I am pleased the company now has available $2.5 million in cash for additional working capital and will record a non-operating gain on the transaction. The new owner, Tomahawk Capital Investments, Inc. plans to obtain the necessary capital to improve the structure and use geriatric & Medical Companies to establish specialized wings to fill a need for subacute and rehab care beds."
 Geriatric & Medical Companies, Inc., headquartered in Philadelphia, is a leading healthcare company providing pharmacy services, rehabilitation and therapies, ambulance transportation, nursing home contract management and home health care services which include infusion, respiratory and medical equipment, to hospitals, HMOs, physicians group and long-term care facilities. The company now owns or manages approximately 5,000 long-term care and residential beds and services 8,145 beds with its institutional pharmacy.
 -0- 6/1/93
 /CONTACT: James O'Malley, chief financial officer of Geriatric & Medical Companies, Inc. 215-748-8852, or Stan Froelich of Cameron Associates, 212-644-9560, for Geriatric & Medical Companies, Inc./
 (GEMC)


CO: Geriatric & Medical Companies, Inc. ST: New Jersey, Pennsylvania IN: HEA SU:

SH-SM -- NY069 -- 4024 06/01/93 14:19 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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