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PENN TREATY AMERICAN CORPORATION TO PURCHASE UP TO 50,000 SHARES OF ITS COMMON STOCK

 PENN TREATY AMERICAN CORPORATION TO PURCHASE
 UP TO 50,000 SHARES OF ITS COMMON STOCK
 ALLENTOWN, Pa., Nov. 13 /PRNewswire/ -- Penn Treaty American Corporation (NASDAQ: PTAC) today announced that it has authorized the purchase from time to time of up to 50,000 shares of its common stock, in open market transactions or otherwise at available prices.
 The company has been informed that Irving Levit, chairman of the board, may also purchase shares of the common stock.
 The company said that the purchases were authorized because it said it believes the market price of the stock is less than the underlying value of the stock. The company also said the timing and the number of shares, which may be purchased each day, will be in line with SEC rules and market conditions.
 General funds of the company will be used to purchase the shares for the company. Personal funds of Levit will be used for his purchases. At the present time, there are approximately 3,160,000 shares of common stock outstanding.
 Penn Treaty American Corporation through its direct and indirect wholly owned subsidiaries is primarily engaged in the underwriting, marketing and sale of individual, fixed, defined benefit accident and health insurance policies covering principally long-term skilled, intermediate and custodial nursing home care and home health care.
 /delval/
 -0- 11/13/92
 /CONTACT: Michael F. Grill, treasurer of Penn Treaty, 800-222-3469/
 (PTAC) CO: Penn Treaty American Corporation ST: Pennsylvania IN: INS SU:


JS-CC -- PH015 -- 0629 11/13/92 11:05 EST
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Publication:PR Newswire
Date:Nov 13, 1992
Words:251
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