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MEDIQ SUBSIDIARY, PCI SERVICES, INC., SELLS ADDITIONAL SHARES OF COMMON STOCK

 MEDIQ SUBSIDIARY, PCI SERVICES, INC.,
 SELLS ADDITIONAL SHARES OF COMMON STOCK
 PENNSAUKEN, N.J., Feb. 12 /PRNewswire/ -- MEDIQ Incorporated (AMEX: MED) announced today that its subsidiary, PCI Services, Inc. (NASDAQ: PCIS), a leading provider of pharmaceutical packaging services, sold an additional 431,250 shares of its common stock at $10 per share pursuant to a 15 percent over-allotment option on its initial public offering.
 The offering, which commenced on Jan. 28, 1992, was underwritten by a syndicate of underwriters led by Smith Barney, Harris Upham & Co. and Dillon, Read & Co., Inc.
 As a result of the public offering and exercise of the over- allotment option, MEDIQ will report a net gain of approximately $9.6 million or $.40 per share in the quarter ending March 31, 1992.
 In conjunction with the offering, MEDIQ received approximately $21.4 million from PCI Services, which was used to reduce MEDIQ's long- term senior debt. MEDIQ's 46.5 percent ownership interest in PCI Services, Inc. common stock has a current market value of approximately $35 million.
 MEDIQ Incorporated, whose shares (MED and MED.Pr) and debentures (MED.C) are traded on the American Stock Exchange, provides products and services to hospitals, nursing homes, healthcare professionals and consumers through its subsidiaries. MEDIQ's businesses include pharmaceutical packaging; manufacturing and marketing of healthcare products; medical equipment rental; management and ownership of psychiatric units; diagnostic imaging and testing; maintenance of diagnostic equipment; healthcare facility plannindler, senior vp-finance of ME DI 609-665-9300, ext. 6005/
 (MED PCIS) CO: MEDIQ Incorporated; PCI Services, Inc. ST: New Jersey IN: HEA SU: OFR


CC-MK -- PH018 -- 9206 02/12/92 11:32 EST
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Publication:PR Newswire
Date:Feb 12, 1992
Words:269
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