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MEDGROUP INC. ANNOUNCES FINANCIAL RESULTS

 ENCINO, Calif. Sept. 9 /PRNewswire/ -- MedGroup (NASDAQ: MDGP) has filed a 10K for the fiscal year ended March 31, 1993. Results of operations for this period as compared to the same period in fiscal 1991-92 are set forth in the table below.
 Fiscal Year Ended
 March 31,
 1993 1992
 Gross sales $4,824,423 $7,111,246
 Gross profit 1,983,124 3,502,125
 Net profit (loss) (2,049,623) (373,876)
 Loss per share ($1.29) ($0.25)
 The company has filed a 10Q for the quarter ended June 30, 1993. Results of operations for this period as compared to the same period in fiscal 1991-92 are set forth in the table below.
 Three-Months Operation
 Ended June 30,
 1993 1992
 Gross sales $902,199 $1,534,549
 Gross profit 692,336 852,013
 Net profit (loss) (11,297) (157,446)
 Loss per share ($.003) ($.016)
 The company has successfully completed a private placement of 500,000 shares of common stock through Albemarle Investments Ltd. (U.K.) at $.45 per share. The $225,000 proceeds are for creditor settlements, debt reduction and operating expenses.
 The company has concurrently settled in excess of $200,000 in lawsuits with GTE Leasing Corp. and Citicorp North America Inc. These creditor liabilities resulted from the previously reported closing of the Homewood, Ill., location.
 The company operates Physical, Speech, and Occupational clinics in Tempe, Ariz., San Carlos and Santa Barbara, Calif., Prostatic Treatment Service in London, while continuing development of Port 02 Gen (a portable oxygen generating unit), the disposable safety syringe and other non-invasive medical products.
 -0- 9/9/93
 /CONTACT: Robert McGuire, MedGroup, 818-783-6035/
 (MDGP)


CO: MedGroup Inc. ST: California IN: MTC SU: ERN

LM-JL -- LA009 -- 0165 09/09/93 09:15 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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