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NOEL GROUP TO INCREASE INTEREST IN HEALTH MANAGEMENT INTERNATIONAL

 NOEL GROUP TO INCREASE INTEREST IN HEALTH MANAGEMENT INTERNATIONAL
 NEW YORK, July 22 /PRNewswire/ -- Noel Group Inc. (NASDAQ: NOEL) and Health Management International, Inc. (NASDAQ: HMII) today announced that Noel will increase its equity interest in Health Management and guarantee a line of credit to be used by Health Management to finance future acquisitions.
 Noel officials said that the firm plans to exercise warrants covering approximately 787,500 shares of Health Management for a total exercise price of approximately $1.6 million. This will raise Noel's share of Health Management's outstanding equity from 36.6 percent to 51.3 percent.
 In addition, Noel intends to guarantee a Health Management Bank loan of up to $6 million on terms to be negotiated. The funds raised by the equity investment and the loan are intended to support Health Management's acquisition activity. Officials of the company said that Health Management was in active negotiations with two possible acquisition candidates but gave no assurances that either purchase would be consummated.
 Noel Group conducts its operations through small and medium sized operating companies. It largest holdings include for public companies -- Global Natural Resources Inc. (NYSE: GNR), Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Garnet Resources Corp. (NASDAQ: GARN), and VISX, Inc. (AMEX: VSX) -- and one private company, Simmons Outdoor Corporation. Health Care International of Andover, Mass., a leader in health care communications and producer of consumer health videos, also owns and operates the Diet Workshop franchise.
 -0- 7/22/92
 /CONTACT: Donald R. Dwight of Noel Group, 203-661-8480/
 (NOEL HMII) CO: Noel Group Inc.; Health Management International Inc. ST: New York IN: HEA SU: TNM


TS-SM -- NY034 -- 1818 07/22/92 11:06 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:278
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