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MEDCROSS SIGNS LETTER OF INTENT FOR $1 MILLION FROM FOREIGN INVESTORS

MEDCROSS SIGNS LETTER OF INTENT FOR $1 MILLION FROM FOREIGN INVESTORS
 ST. PETERSBURG, Fla., Dec. 17 /PRNewswire/ -- Medcross, Inc., (NASDAQ: MDCR) announced today that the company has signed a letter of intent with a group representing foreign investors that, if consummated, will bring $1 million in cash into the company.
 Medcross President Robert M. 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 into common shares. If they exercise the right, Irvin said, the new investment group will own two-thirds of the company's outstanding common stock.
 Irvin said the board decided to act on the investment proposal "as the best option available to the company and its shareholders."
 Irvin said that once the transaction has closed, now set for Jan. 15, 1992, the cash will allow Medcross to "move forward with its plan to acquire physician-owned imaging centers and to establish new magnetic resonance imaging centers." He said the transaction is "subject to customary contingencies."
 Medcross owns and operates equipment and facilities that employ the latest medical diagnostic and therapeutic technologies.
 -0- 12/17/91
 /CONTACT: Robert M. Irvin, president of Medcross, Inc., 813-521-1793; or Investor Relations Consultants, Inc. 813-796-1452, for Medcross, Inc./
 (MDCR) CO: Medcross, Inc. ST: Florida IN: HEA SU:


SS-AW -- FL005 -- 3029 12/17/91 14:37 EST
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Publication:PR Newswire
Date:Dec 17, 1991
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