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MEDICAL RESOURCE COMPANIES OF AMERICA AND DIXIE NATIONAL CORPORATION ANNOUNCE MERGER

 DALLAS and JACKSON, Miss., July 23 /PRNewswire/ -- Medical Resource Companies of America (AMEX: MRA) and Dixie National Corporation (NASDAQ: DNLC) announced today that they had reached agreement in principle for the acquisition of Dixie National Corp. and its subsidiary, Dixie National Life Insurance Company, by a Medical Resource subsidiary. The transaction calls for the issuance of one share of Medical Resource common stock for every two of the 6,424,973 outstanding shares of Dixie National. The transaction was approved by the Dixie National board of directors on July 22 and will be submitted to the Medical Resource board July 28. Closing will be subject to a definitive purchase agreement, Dixie National shareholders approval and approval of the Mississippi Department of Insurance. If approved, closing should occur before year end.
 Dixie primarily markets cancer policies and life insurance directed toward the health and burial markets in 21 states and the District of Columbia.
 For the fiscal year ended Dec. 31, 1992, Dixie had net income of $1,103,336 ($.17 per share) on total revenues of $19,431,311. For the first quarter of 1993, Dixie reported a loss of $445,447, or $.07 per share, on revenues of $5,050,404.
 -0- 7/23/93
 /CONTACT: Robert B. Neal of Dixie National, 601-982-8210; or Robert L. Griffis of Medical Resource, 214-407-8400/
 (MRA DNLC)


CO: Medical Resource Companies of America; Dixie National Corp. ST: Texas, Mississippi IN: MTC SU: TNM

TS -- NY058 -- 5172 07/23/93 12:44 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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