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PACIFICARE HEALTH SYSTEMS FILES REGISTRATION STATEMENT FOR PROPOSED PUBLIC OFFERING

 PACIFICARE HEALTH SYSTEMS FILES REGISTRATION STATEMENT
 FOR PROPOSED PUBLIC OFFERING
 CYPRESS, Calif., Sept. 25 /PRNewswire/ -- PacifiCare Health Systems, Inc. (NASDAQ: PHSYA, PHSYB) said today that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 3 million shares of non-voting class B common stock announced earlier today. Of the 3 million total shares to be offered, 50 percent will be issued by the company and 50 percent will be sold by the company's majority shareholder, UniHealth America. An additional 450,000 shares, subject to the underwriters' over-allotment option, would be offered equally by the company and UniHealth America. The company's proceeds of the offering will be used to increase working capital and for general corporate purposes including new products and services, geographic expansions and increased investment in existing operations. A portion of the net proceeds may also be used for potential acquisitions. The company will receive no proceeds from the sale of shares by UniHealth America.
 The proposed sale to the public is expected to commence in late October. The managing underwriters for the offering are PaineWebber Inc., Dean Witter Reynolds Inc. and Dillon, Read & Co. Inc. A copy of the prospectus may be obtained from PaineWebber Inc., Prospectus Department at 212-713-2000.
 PacifiCare Health Systems is one of the nation's leading managed health care organizations. Primary operations include health maintenance organizations for employer groups and Medicare beneficiaries in California, Oklahoma, Oregon, Texas and Washington with more than 925,000 members. Other operations include a health and life insurance company, a behavioral health managed care organization, a utilization review services firm, and a health promotion company.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 9/25/92
 /CONTACT: David K. Erickson, investor relations, 714-229-2636, or Debby Iacunato, media relations, 714-220-3745, both of PacifiCare/
 (PHSYA PHSYB) CO: PacifiCare Health Systems Inc.; UniHeath America ST: California IN: HEA SU: OFR


LS -- LA017 -- 3584 09/25/92 15:04 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 25, 1992
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