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RX MEDICAL SERVICES ANNOUNCES ACQUISITION OF $80 MILLION EQUIPMENT LEASE PORTFOLIO AND CONVERSION OF $1.1 MILLION FROM DEBT TO EQUITY

 FORT LAUDERDALE, Fla., April 6 /PRNewswire/ -- Rx Medical Services Corp. (AMEX: RXM) today announced that it has completed the financing of a $80 million lease portfolio acquisition. The sellers have taken 676,000 shares of RXM common stock, $2.8 million in residual lease certificates from the company's present portfolio and a $900,000 interest in the new portfolio's residuals as realized. This consideration is in full satisfaction of Rx Medical Services Corp.'s obligation for the portfolio as well as the conversion of $1.1 million of outstanding debt to equity in the company.
 The transaction puts RXM's leasing division at more than $135 million of leased assets with rights to residual and re-lease proceeds estimated at more than $20 million throughout the next six- year life of the portfolio. This agreement significantly improves the company's working capital position.
 Rx Medical Services Corp. also announced a three-year extension of a $1.3 million junior mortgage which further improves its short- term debt-to-equity ratio.
 Rx Medical Services Corp.'s primary line of business develops, acquires and manages medical diagnostic facilities and other medical services providers in the Florida, California, Arizona and Louisiana markets. The company's lease/financing division acquires and services a portfolio of equipment leasing assets.
 -0- 4/6/93
 /CONTACT: Maurice Levy of Rx Medical Services, 305-974-8980; or George Strauss of Mallory Factor, 212-242-0000, for Rx Medical Services/
 (RXM)


CO: Rx Medical Services Corp. ST: Florida IN: HEA SU: TNM

EH-BP -- LA013 -- 3457 04/06/93 13:04 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
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