GERIATRIC & MEDICAL COMPANIES, INC.
PHILADELPHIA, Aug. 25 /PRNewswire/ -- Geriatric & Medical Companies, Inc. (NASDAQ: GEMC) received $1.2 million, the balance due from refunding approximately $17.3 million of non-taxable bonds, due July 1, 1999 with average interest at 9 percent and secured by two New Jersey long-term care facilities. Daniel Veloric, chairman of the board and president, stated "This is the final phase of a restructuring and the elimination of our former bank group and is a milestone for the company. The cash available from this transaction, together with improved cash flow anticipated from previously announced rate increases expected from Pennsylvania's Medical Assistance program are reasons to be optimistic concerning the upcoming 1994 fiscal year." 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, physician groups 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- 8/25/93 /CONTACT: James J. O'Malley, vice president and CFO of Geriatric & Medical Companies, Inc., 215-748-8852, or Stan Froelich of Cameron Associates, 212-644-9560/ (GEMC)
CO: Geriatric & Medical Companies, Inc. ST: Pennsylvania IN: HEA SU:
LG-SH -- NY044 -- 0386 08/25/93 13:35 EDT
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|Date:||Aug 25, 1993|
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