THE ADMAR GROUP INC. ANNOUNCES IT HAS ENTERED INTO A DEBENTURE AGREEMENT WITH HUMANA INC.
THE ADMAR GROUP INC. ANNOUNCES IT HAS ENTERED INTO A DEBENTURE AGREEMENT WITH HUMANA INC. SANTA ANA, Calif., Sept. 1 /PRNewswire/ -- The Admar Group Inc. (NASDAQ: ADMR), based in Santa Ana, announced that it has entered into a 6 percent senior debenture agreement due in 1997 to borrow $1 million of additional working capital from Humana Inc. (Humana) (NYSE: HUM) of Louisville, Ky. The debenture will mature on Aug. 31, 1997, with interest-only payments semi-annually each Dec. 31 and June 30. No additional warrants for common stock have been issued to Humana. The debenture is redeemable for Admar common stock through the exercise of already outstanding warrants held by Humana. The Admar Group Inc. develops, markets and administers managed health care services which facilitate the delivery and manage the cost of providing health care through contract insurance carriers and self-insured employer groups. Admar's services are marketed as an adjunct to employee health care benefit plans. Programs include alternate delivery systems comprised of group medical plans; Preferred Provider Organizations and Exclusive Provider Organizations; the HealthWatch Medical Review System, designed to ensure appropriate use of hospitalization for medical/surgical, substance abuse, mental health, catastrophic illness and injuries; HealthWatch Advantage, a hospital and surgical negotiation program; and Advantage Benefits Co., a third-party administrator providing services to self-insured employers. Humana is a health care company, operating hospitals and offering a variety of health benefit plans for employee groups and Medicare beneficiaries, covering 1.7 million persons. It also makes venture capital investments in companies producing healthcare services and products. -0- 9/1/92 /CONTACT: Edward K. Evans, VP-finance, or Richard H. Toral, CEO and chairman of the board, of The Admar Group, 714-953-9600/ (ADMR HUM) CO: The Admar Group Inc.; Humana Inc. ST: California IN: HEA SU:
JB-KJ -- LA004 -- 5367 09/01/92 11:00 EDT
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|Date:||Sep 1, 1992|
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