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LIFECORE LIQUIDATES DEBT WITH COMMON STOCK

 CHASKA, Minn., Dec. 21 /PRNewswire/ -- Lifecore Biomedical, Inc. (NASDAQ: LCBM) announced today that Bio-Interfaces, Inc. (BII), San Diego, has sold 265,000 of the 330,000 shares of Lifecore stock that had been issued to BII as payment for debt related to the acquisition of the SUSTAIN(R) Dental Implant System. The shares were sold during the period from Nov. 30, 1992 through Dec. 11, 1992.
 The stock liquidates $2,050,000 of Lifecore's debt remaining from the $2,400,000 acquisition. In the original purchase transaction the acquisition debt was scheduled to be liquidated in cash payments over a period extending to March 1995. Subsequently, the agreement was renegotiated to allow Lifecore to substitute common stock to satisfy the obligation. For the purpose of this transaction the 330,000 shares were valued at $2,576,000. As a result, under the terms of the agreement, up to $526,000 will accrue to Lifecore pending the successful completion of the sale of the remaining 65,000 shares by BII prior to March 1, 1993.
 Lifecore's Chief Financial Officer John C. Heinmiller commented, "The important aspect of this transaction is that Lifecore's financial position has been enhanced by improved cash flow, reduction of debt and an increase in shareholders' equity."
 Lifecore develops, manufactures and markets sterile medical devices for a variety of surgical applications through both direct sales and OEM supplier relationships.
 -0- 12/21/92
 /CONTACT: John C. Heinmiller of Lifecore, 612-368-4300/
 (LCBM)


CO: Lifecore Biomedical, Inc.; Bio-Interfaces, Inc. ST: Minnesota, California IN: MTC SU:

KH -- MN006 -- 8702 12/21/92 10:30 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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