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GRAHAM-FIELD HEALTH PRODUCTS AND TEMCO NATIONAL SETTLE ALL PENDING LAWSUITS

 GRAHAM-FIELD HEALTH PRODUCTS AND TEMCO NATIONAL
 SETTLE ALL PENDING LAWSUITS
 HAUPPAUGE, N.Y., May 18 /PRNewswire/ -- Graham-Field Health Products, Inc. (NYSE: GFI), a manufacturer and supplier of healthcare products, today announced that it has settled its pending disputes with Temco National Corp., relating to the acquisition of the Temco Home Healthcare Division by Graham-Field on Oct. 1, 1991.
 Temco National Corp., has agreed to reduce the purchase price from approximately $7.5 million to approximately $5.95 million.
 In addition, Temco National Corp., the landlord of the Temco Home Healthcare facility in Passaic, N.J., has agreed to a rent reduction of approximately $1.2 million, approximately 20 percent of the rent, over the 15-year life of the lease.
 Temco Healthcare manufacturers durable medical equipment, including patient aids, bathroom safety equipment, and patient room equipment and the adjusted annual sales of the division are approximately $13 million. Irwin Selinger, chairman and chief executive officer, of Graham-Field stated, "Although the acquisition of the Temco Home Healthcare Division did not meet its initial objectives, it does meet the long-term needs of Graham-Field and furthers our strategy for expansion in the homecare and extended care markets. It aided in our ability to sign a Consolidation Advantage Program (CAP) with Abbey Home
Healthcare, Inc. and helps us in our future negotiations of CAP programs. It allows us to continue to expand our manufacturing base on critical products."
 Graham-Field manufactures, markets and distributes approximately 19,000 healthcare products for hospital, physician and home use to approximately 16,000 home healthcare, physician, hospital supply and pharmaceutical distributors, retailers and wholesalers.
 -0- 5/18/92
 /CONTACT: Donald J. Harnett, CFO of Graham-Field, 516-582-5900/
 (GFI) CO: Graham-Field Health Products Inc.; Temco National Corp. ST: New York IN: HEA SU:


CK -- NY034 -- 1273 05/18/92 11:22 EDT
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Publication:PR Newswire
Date:May 18, 1992
Words:300
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