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MEDCROSS INVESTORS INCREASE PLEDGE TO $2 MILLION

 MEDCROSS INVESTORS INCREASE PLEDGE TO $2 MILLION
 ST. PETERSBURG, Fla., Jan. 17 /PRNewswire/--A group of investors


has increased its pledge of financial support to Medcross, Inc. to $2 million, up from a pledge of $1 million announced in December 1991.
 Medcross President Robert M. Irvin said today that the company and investors have signed a revised letter of intent reflecting the larger investment. Irvin said that the transaction is expected to close in early February.
 As was proposed originally, Irvin said that the company will issue preferred stock to the investors, who will then control the company's board of directors. The investors will have the right to convert the stock to common shares. If they exercise the right, he said, the investor group will own 80 percent of the company's outstanding common stock.
 Irvin said that the investors proposed the larger investment after a thorough review of the company's financial status, operating procedures and business plan. He said that the revised offer is a sign that the investment group "is very optimistic about the company and its future."
 In a related matter, Irvin said that Medcross is withdrawing its appeal to the National Association of Securities Dealers (NASD) to restore the company's listing on NASDAQ, the NASD's automated stock quotation system. He said that Medcross is determined to regain its NASDAQ listing, but the company's current appeal was conditioned on closing the investor group's original proposal by Jan. 15. He said that the company intends to eventually apply for relisting on NASDAQ after the transaction is completed.
 Medcross owns and operates equipment and facilities that employ the latest medical diagnostic and therapeutic technologies.
 -0- 1/17/92
 /CONTACT: Robert M. Irvin, president of Medcross, Inc., 813-521-1793; or Investor Relations Consultants, Inc., 813-796-1452, for Medcross, Inc./ CO: Medcross, Inc. ST: Florida IN: HEA SU:


AW -- FL003 -- 0871 01/17/92 09:12 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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