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HEALTH IMAGE ANNOUNCES STOCK REPURCHASE AND SALE OF MAGAZINE

 ALBUQUERQUE, N.M., June 21 /PRNewswire/ -- The board of directors of Health Image Media, Inc. (NASDAQ: RXRX) announced today that on June 18, 1993, the company purchased from KSP, Inc., a newly formed corporation the stockholders of which are former stockholders of the company (including Karamjeet S. Paul, a former director and former president and chief executive officer), 437,841 shares of common stock of the company, representing approximately 19 percent of the outstanding capital stock of the company. In consideration of the shares, the company paid KSP $656,595 in cash and the company and its wholly owned subsidiary, Rx Remedy, Inc. (whose name has been changed to North American Holding Corp. as a result of the KSP transaction) assigned to KSP all of their respective assets relating to the publication and distribution of Rx Remedy, the company's magazine, subject to all associated liabilities, all of which were assumed by KSP.
 As part of the transaction, KSP has assumed the company's obligations under its lease at its Westport, Conn. offices. The company has moved its executive offices on an interim basis to rent-free space at Diagnostek, Inc.'s executive offices in Albuquerque, New Mexico. Nunzio DeSantis and Courtlandt Miller, the chairman of the board of directors and the secretary, treasurer and a director, respectively, of the company, are officers and directors of Diagnostek, Inc.
 Additionally, as part of the KSP transaction, each of the company and its subsidiary and each of the stockholders of KSP executed mutual general releases in favor of the other, and Karamjeet Paul withdrew, with prejudice, his lawsuits against the company and certain of its directors which had been filed in the Connecticut Superior Court and in the Delaware Chancery Court. Further, outstanding options and warrants to purchase an aggregate of 63,550 shares of common stock were surrendered to the company for cancellation by certain KSP stockholders who were also former employees of the company.
 With the sale of the magazine and related assets, the board of directors of the company currently is reviewing a number of potential acquisition opportunities, and the consummation of any significant acquisition will be subject to approval by the company's stockholders.
 -0- 6/21/93
 /CONTACT: Courtlandt Miller of Health Image Media, Inc., 505-761-6161/
 (RXRX)


CO: Health Image Media, Inc. ST: New Mexico IN: HEA SU:

TM-OS -- NY081 -- 4217 06/21/93 17:16 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
Words:396
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