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IPS HEALTH CARE ANNOUNCES THAT DVI HEALTH SERVICES HAS ACQUIRED 22 PERCENT OF IPS' OUTSTANDING SHARES

 IPS HEALTH CARE ANNOUNCES THAT DVI HEALTH SERVICES HAS ACQUIRED
 22 PERCENT OF IPS' OUTSTANDING SHARES
 IRVINE, Calif., Sept. 22 /PRNewswire/ -- IPS Health Care Inc. (NASDAQ: IPSI) has announced that DVI Health Services Corp. (NYSE: DVI) has acquired approximately 22 percent of the outstanding shares of IPS from persons directly or indirectly affiliated with DVI. IPS, which recently changed the name of its operating subsidiary to Guardian Imaging Services Inc., also announced that it has completed several related transactions with DVI. IPS has issued warrants to DVI to purchase 400,000 shares of IPS common stock as part of an agreement whereby DVI will restructure four equipment leases under which IPS was previously in default. In addition, two of DVI's executive officers have been appointed to the IPS board of directors, and DVI's receivables management subsidiary, A/R Advantage Inc., has entered into an agreement with IPS under which it will bill and collect IPS' receivables and provide a secured working capital line of credit to IPS. DVI also will provide certain sales and marketing assistance to IPS under a consulting agreement.
 IPS stated that while the company has to date been unable to find sufficient liquidity to fund its operations, and revenues are significantly below a break-even level for the company's continued operations, the combination of these transactions should give the company the opportunity to develop and fund future growth.
 The company continues in default with another equipment lender and is negotiating to restructure this obligation. There can be no assurance as to the success of these negotiations.
 IPS Health Care Inc. is a medical technical service company which primarily provides mobile MRI services to health care providers and their patients.
 -0- 9/22/92
 /CONTACT: Andrew Galligan of IPS Health Care, 714-251-1300/
 (IPSI DVI) CO: IPS Health Care Inc.; DVI Health Services Corp. ST: California IN: HEA SU: TNM


JB-LS -- LA008 -- 2033 09/22/92 09:30 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
Words:320
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