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STEINWAY CAPITAL CORP. SIGNS LETTER OF INTENT WITH MULTI-CARE

 STEINWAY CAPITAL CORP. SIGNS LETTER OF INTENT WITH MULTI-CARE
 MIAMI, Sept. 16 /PRNewswire/ -- Steinway Capital Corp. (OTC) ("Steinway") today announced that it signed a letter of intent with Multi-Care, Inc., Multi-Care International, Inc. and Multi-Cab, Inc. ("Multi-Care") in which the shareholders of Multi-Care will acquire 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 $4,200,000.
 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), after 450,000 Steinway shares held by the three principal shareholders are returned to the treasury and retired.
 At the closing of the acquisition, the only other outstanding securities of Steinway will be publicly held warrants to purchase 150,000 shares of common stock and an underwriter's warrant to acquire 15,000 shares.
 The closing of the transaction, which is subject to the completion of due diligence by both companies, the approval by the board of directors of both companies, and the execution of a definitive agreement, is expected to take place in early October.
 Steinway Capital Corp. was organized as a business development company.
 -0- 9/16/92
 /CONTACT: Robert D. Goldstein of The Equity Group Inc., 212-371-8660, for Steinway Capital Corp./ CO: Steinway Capital Corp.; Multi-Care ST: Florida IN: SU: TNM


AW-JB -- FL013 -- 0082 09/16/92 11:51 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
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