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GRAHAM-FIELD HEALTH PRODUCTS ACQUIRES DIAMOND MEDICAL EQUIPMENT AND NATIONAL HEALTH CARE EQUIPMENT

 GRAHAM-FIELD HEALTH PRODUCTS ACQUIRES DIAMOND MEDICAL
 EQUIPMENT AND NATIONAL HEALTH CARE EQUIPMENT
 HAUPPAUGE, N.Y., May 29 /PRNewswire/ -- Graham-Field Health Products, Inc. (NYSE: GFI), a manufacturer and supplier of healthcare products, announced that it has acquired the businesses and operating assets of Diamond Medical Equipment Corp. and National Health Care Equipment Inc. for a purchase price of approximately $11.3 million, of which approximately $10 million was paid in cash and the balance by the issuance of 210,176 shares of common stock, plus the assumption of $3.2 million of bank debt. Diamond and National, which were privately owned, reported combined revenues of approximately $22 million for the year ended Dec. 31, 1991. For the year ended Dec. 31, 1991, Graham-Field reported net revenues of $57,144,820 and net income of $3,956,232 ($.40 per share). Diamond and National are manufacturers of patient aids, importers of blood pressure equipment and distributors of a broad line of home healthcare products including adult incontinence and nutritional support products.
 The principals of Diamond and National, Harvey Diamond and Peter Winocur, will be remaining with their respective organizations to continue to provide their customers with the quality service to which they have become accustomed. Diamond stated, "I look forward to Graham-Field's financial strength to further enhance the Diamond Medical and National Health Care franchises in the years to come." Diamond, in addition to remaining president of Diamond Medical, has been named vice president, market development of Graham-Field, Inc. Winocur has been named vice president, specialty markets of Graham-Field, Inc.
 According to Irwin Selinger, chairman and chief executive officer of Graham-Field, "The addition of Diamond's and National's incontinence products and nutritional support product lines will enable Graham-Field to expand its consolidation advantage program, a cost containment purchasing program for our customers. This acquisition will also accelerate the execution of the recently announced consolidated purchasing agreement with Abbey Home Inc." Abbey is the nation's largest home healthcare dealer chain with 156 branches.
 Graham-Field manufactures, markets and distributes approximately 19,500 health care products for hospital, physician and home use to approximately 16,000 home healthcare, physician, hospital supply and pharmaceutical distributors, retailers and wholesalers.
 -0- 5/29/92
 /CONTACT: Donald J. Harnett, CFO of Graham-Field Health Products, 516-582-5900/
 (GFI) CO: Graham-Field Health Products Inc.; Diamond Medical Equipment Corp. ST: New York IN: HEA SU: TNM


CK -- NY020 -- 5112 05/29/92 10:25 EDT
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Date:May 29, 1992
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