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HEALTH-CHEM REPORTS ON BOLAR VS. HERCON LITIGATION

 HEALTH-CHEM REPORTS ON BOLAR VS. HERCON LITIGATION
 NEW YORK, Aug. 20 /PRNewswire/ -- Health-Chem Corporation


(AMEX: HCH) announced that in the matter entitled "Bolar Pharmaceutical Co., Inc. v. Hercon Laboratories Corporation f/k/a Herculite Products, Inc.," the Court of Chancery of Delaware has denied Hercon's cross motion for summary judgment dismissing Bolar's claim that Hercon wrongfully terminated a certain distribution agreement between Bolar and Hercon, a subsidiary of the company. Bolar had commenced this previously reported action in May 1991, seeking to enforce its claims that Hercon wrongfully terminated the distribution agreement and that Bolar is entitled to specific performance of this agreement.
 Pursuant to the distribution agreement, Hercon appointed Bolar the exclusive United States distributor for Hercon's nitroglycerin transdermal system patches. In 1990, Bolar suspended shipments of this and most other products distributed by Bolar pending the results of an investigation conducted by the Food and Drug Administration (FDA). Hercon, having taken the position that the distribution agreement terminated by its terms and, after receiving the necessary FDA approvals, resumed domestic distribution of the patches through other channels during the second quarter of 1991. Foreign distribution of the product has continued throughout the period.
 With respect to Bolar's motion for summary judgment on its claim that it is entitled to specific performance of the distribution agreement, the court ruled that an evidentiary hearing would be necessary before an appropriate form of relief can be determined. No date has as yet been set for this hearing. Hercon is currently analyzing the decision and expects to file an appeal.
 -0- 8/20/92
 /CONTACT: Bruce M. Schloss, vice president of Health-Chem Corp., 212-398-0700/
 (HCH BLR) CO: Health-Chem Corporation; Bolar Pharmaceutical Co., Inc.;
 Hercon Laboratories Corporation ST: New York IN: MTC SU:


KD-TM -- NY080 -- 1940 08/20/92 17:44 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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