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SUMMIT HEALTH POSTPONES SUBORDINATED OFFERING

 BURBANK, Calif., Feb. 24 /PRNewswire/ -- Summit Health Ltd. (NASDAQ: SUMH) announced today that it has postponed its proposed issuance of up to an estimated $50 million of Exchangeable Subordinated Notes due 2003, because of current securities market conditions. The notes were to be exchangeable for shares of common stock owned by Summit Health Ltd. in its majority-owned subsidiary, Summit Care Corp. (NASDAQ: SUMC). Summit Health noted that the issuance may be scheduled at a date to be determined based on market conditions.
 Summit Health Ltd. provides quality health care services to niche markets through 12 acute care hospitals with 1,641 licensed beds and two free-standing outpatient surgery centers with a total of 62 surgery suites. Summit Health, through its subsidiary Health Choice Arizona, a Medicaid HMO, insures approximately 18,000 lives in the state of Arizona. Also, through its majority-owned Summit Care subsidiary, the company provides health care services to the elderly through 17 skilled nursing centers with 2,228 licensed beds and four retirement centers with 468 beds. The company's facilities are located in California, Arizona, Texas and Iowa.
 -0- 2/24/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or David Walke or Robert Borchert, 212-986-5900, all of Morgen-Walke Associates, for Summit Health/
 (SUMH SUMC)


CO: Summit Health Ltd.; Summit Care Corp. ST: California IN: HEA SU: OFR

GT-SG -- SF002 -- 9691 02/24/93 06:30 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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