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MEDICAL RESOURCE COMPANIES ANNOUNCES AGREEMENT TO PURCHASE COMMON STOCK OF BANKERS PROTECTIVE LIFE INSURANCE

 DALLAS, Nov. 16 /PRNewswire/ -- Medical Resource Companies of America (AMEX: MRA) announced today that it has executed an agreement to purchase all outstanding common stock of Bankers Protective Life Insurance Company, a Texas life insurance company headquartered in Austin, Texas. Bankers Protective is a private company owned by Bankers Protective Financial Corporation and is engaged primarily in the business of assuming and reinsuring life insurance policies issued by other life insurance companies. The purchase price will be $2,700,000 in Medical Resource Companies' unregistered common stock based at the Seller's option upon the price of (i) $2-3/8 per share or (ii) the average closing price of the stock on the American Stock Exchange for the 10 trading days prior to the closing. Closing is expected to occur as soon as possible after receiving approval by the Texas Department of Insurance.
 James R. Gilley, president of Medical Resource Companies, stated he believed Bankers Protective represented an excellent opportunity to enter the life insurance industry, with life insurance in force of $574 million and assets of $234 million and statutory surplus of $10.9 million. In addition, acquisition of Bankers Protective will enable Medical Resource Companies to pursue the acquisition of other insurance companies.
 Medical Resource Companies of America, headquartered in Addison, Texas, a north Dallas suburb, provides products and services for the aging and handicapped markets and is entering other growth niches, primarily in the healthcare industry. The company owns retirement, assisted living, nursing, and eating disorder treatment centers. The company also manufactures and markets electric-powered scooters to help meet the needs of the mobility impaired and also produces industrial strength children's strollers for theme parks and other tourist attractions.
 -0- 11/16/93
 /CONTACT: Ronald L. Brown of Medical Resource Companies, 214-978-4343/
 (MRA)


CO: Medical Resource Companies of America; Bankers Protective Life
 Insurance Company ST: Texas IN: INS HEA SU: TNM


LG -- NY080 -- 5168 11/16/93 14:45 EST
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Publication:PR Newswire
Date:Nov 16, 1993
Words:322
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