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STEINWAY CAPITAL ANNOUNCES REORGANIZATION WITH MULTI-CARE, INC.

 NEW YORK, Jan. 8 /PRNewswire/ -- Steinway Capital Corp. (OTC) ("Steinway") today announced that its has completed a reorganization with Multi-Care, Inc., Multi-Care International, Inc. and Multi-Cab, Inc. ("Multi-Care") in which the shareholders of Multi-Care acquired a controlling interest in Steinway.
 Multi-Care, based in Matawan, N.J., provides ground and air ambulance services. In its fiscal year ended June 30, 1992, Multi-Care operated profitably on revenues of approximately $5,300,000.
 Under the terms of the letter of intent, Steinway will acquire all of the issued and outstanding shares of Multi-Care for 5,256,452 shares of Steinway's authorized, but unissued common stock (approximately 92.25 percent of the common stock to be outstanding after the acquisition).
 At the closing of the acquisition, the only other outstanding securities of Steinway are publicly held warrants to purchase 152,000 shares of common stock, and underwriter's warrant to acquire 15,200 shares and an additional 452,000 shares of the company's stock to be outstanding.
 In addition, at a board of director's meeting held on Dec. 11, 1992, the board extended the expiration date of the publicly held warrants from Dec. 23, 1992 to Dec. 23, 1993.
 Steinway Capital Corp. was organized as a business development company.
 -0- 1/8/93
 /CONTACT: Christine Suarez-Loures, Esq. of Multi-Care, Inc., 908-946-1200; or Robert D. Goldstein of The Equity Group Inc., 212-371-8660/


CO: Steinway Capital Corp; Multi-Care, Inc.; Multi-Care International,
 Inc.; Multi-Cab, Inc. ST: New York, New Jersey IN: SU:


JB-SS -- FL007 -- 3071 01/08/93 13:55 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 8, 1993
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