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SCHERER HEALTHCARE/MARQUEST MEDICAL FINANCING COMPLETED

 ATLANTA, June 17 /PRNewswire/ -- Scherer Healthcare, Inc. (NASDAQ: SCHR) and Marquest Medical Products, Inc. (NASDAQ: MMPI) today announced that they have completed the previously announced transactions whereby Scherer has provided $4,500,000 in sale-and-leaseback financing to Marquest and have effected an exchange offer for the approximately $12,650,000 of defaulted Marquest Swiss bonds.
 Approximately 90 percent of the bonds were tendered and accepted. A combination of approximately 4,000 shares of Scherer 5 percent convertible preferred stock, $2,700,000 of Marquest six-year 8 percent notes, and Marquest warrants for 1,420,000 common shares will be issued for all of the bonds tendered. Scherer received warrants for 6,580,000 shares of Marquest common stock, exercisable at $.75 per share. At Scherer's option, either cash or Scherer common stock can be used in exercising the warrants. In exchange for its preferred stock it receives approximately $4,000,000 of six-year 8 percent notes convertible into common stock at $.75 per share. The $4,500,000 of financing was structured as a purchase of one of Marquest's product lines by Scherer, with a license back to Marquest and a right of repurchase by Marquest.
 The transactions provide Scherer with the ability to own up to 65 percent of Marquest's common stock, dependent upon the extend of exercise of its warrants and conversion of notes. If all warrants owned by Scherer were exercised using Scherer common stock at $20.63 per share and all Scherer preferred stock offered to bondholders were converted to Scherer common stock at the $22.58 conversion price, a combined increase of approximately 10 percent in the number of Scherer common shares outstanding would result.
 Scherer has designated a majority of Marquest's board of directors, subject to notification of such designation to Marquest's shareholders pursuant to NASDAQ and SEC rules and regulations.
 Marquest has made substantial changes in its operations and management in recent weeks, including consolidation of its operations into its primary facility in Englewood, Colo. Charles M. Obermeyer, president and chief executive officer of Marquest, said, "The business arrangement with Scherer Healthcare provides the resources for Marquest to move forward with its return to a prominent and profitable position."
 Marquest Medical Products, Inc. is an international manufacturer and distributor of specialty cardiopulmonary support, respiratory and anesthesia disposable devices. Scherer Healthcare, Inc. provides healthcare and pharmaceutical services, including infectious medical waste disposal, medical and surgical supplies, pharmaceutical research based upon computer-assisted design, and over-the-counter pharmaceuticals.
 -0- 6/17/93
 /CONTACT: Charles M. Obermeyer, chief executive officer and president of Marquest Medical Products, Inc., 303-790-4835, or Robert D. Tucker, chairman and chief executive officer, or Denise C. Demick, vice president of Scherer Healthcare, 404-333-0066/
 (SCHR MMPI)


CO: Scherer Healthcare, Inc.; Marquest Medical Products, Inc. ST: Georgia, Colorado IN: HEA SU:

TM-OS -- NY004 -- 2927 06/17/93 09:07 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
Words:474
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