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NORTH AMERICAN BIOLOGICALS COMPLETES $27 MILLION TRANSACTION

 NORTH AMERICAN BIOLOGICALS COMPLETES $27 MILLION TRANSACTION
 MIAMI, March 31 /PRNewswire/ -- North American Biologicals, Inc. (NASDAQ: NBIO) ("NABI") today announced that it has completed the acquisition of the international plasma-based biologicals business of Continental Pharma Cryosan Inc. (CPCI) of Montreal, Canada, as well as the purchase of all the NABI common and preferred stock previously owned by CPCI, in a transaction valued at approximately $27 million. The transaction represents a significant change in NABI's equity structure, increasing the proportion of NABI outstanding stock held by institutions from less than five percent to more than 20 percent, while reducing fully diluted common shares outstanding by 30 percent, from 16.5 million shares to 11.6 million shares.
 "We are elated by the successful consummation of this deal, on schedule and in line with our financing objectives," said David J. Gury, NABI president and chief operating officer. "We will now proceed with our very ambitious plans for sales and earnings growth, including more direct marketing in Europe, Japan, and Latin America through the plasma products distribution system we have just acquired, expansion of our plasma collection capabilities in the United States, and selected acquisitions of plasma-based product opportunities."
 Gury noted that with this acquisition, NABI expects sales at an annualized rate in excess of $100 million. Additional corporate plans include the election of new directors now that CPCI is no longer entitled to elect a majority of NABI's board of directors, and expansion of the management team to strengthen the company's growing operations.
 NABI's financing arrangements for the transaction include $5.5 million in NABI common stock, placed with mutual funds managed by Fidelity Management & Research Company, HLM Management Company, Corning Capital Corporation and other institutional investors, and $14 million in subordinated and senior debt furnished by Massachusetts Mutual Life Insurance Company and NCNB National Bank, respectively. The balance of the cash consideration for the transaction will consist of future payments based on sales. BNY Associates, the investment banking affiliate of Bank of New York, acted as financial advisor and placement agent for NABI in this transaction.
 North American Biologicals, Inc., headquartered in Miami, Fla., is the world's largest independent provider of human blood plasma elements to the health care industry, one of the largest AIDS screening laboratories in the United States, and a leading supplier of control products used to promote accuracy in blood testing laboratories.
 -0- 3/31/92
 /CONTACT: David J. Gury, president, or Alfred J. Fernandez, VP-Finance, of North American Biologicals, 305-628-0080, or Marcia A. Kean of Feinstein Partners Inc., 617-577-8110, for North American Biologicals/
 (NBIO) CO: North American Biologicals, Inc. ST: Florida IN: MTC SU:


EG -- NE009 -- 3484 03/31/92 14:18 EST
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Publication:PR Newswire
Date:Mar 31, 1992
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