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WENDT-BRISTOL INDICATES DELAY IN ANNUAL FILING DUE TO POSSIBLE ACQUISITIONS AND POTENTIAL FAVORABLE SETTLEMENT OF LAWSUIT

 COLUMBUS, Ohio, April 18 /PRNewswire/ -- Wendt-Bristol Health Services Corporation (AMEX: WMD) announced today that due to significant developments, described below, it has become necessary to delay the filing of its Annual Report Form 10-K until the end of the month.
 Principal executives of the Company have been involved in lengthy negotiations involving, if successfully completed, more than one possible acquisition. Management has determined that in addition to the growth of its Health Care Services, it would be advantageous to expand its passive investment in the insurance industry into one of the pursuit of an active role in certain specialized insurance markets. In this regard, management expects to negotiate and finalize definitive agreements within 30 days for the acquisition, subject to regulatory approval, of controlling interest in the insurance holding company that Wendt-Bristol currently reflects as an investment in Preferred Stock. It is anticipated that such company will serve as the parent for a newly- formed Insurance Division of Wendt-Bristol.
 Marvin D. Kantor, Chairman, indicated that it is management's belief, along with the evaluation of Special Counsel, that through ongoing negotiations with the State of Ohio, the litigation commenced by the Company's nursing home subsidiaries, concerning unreimbursed costs incurred in excess of the Medicaid rates previously paid, will result in an imminent and favorable settlement. While there cannot be assurances related to the final amount or timing of settlement, it is management's belief that the results of the expected settlement would be significant and most appropriately reported in the 1993 Form 10-K.
 Mr. Kantor stated that management has reiterated its commitment to growth of the Health Care business through the construction, by a subsidiary, of an Alzheimer's and Related Syndromes facility scheduled for completion this summer in Columbus, Ohio, as well as the further pursuit of growth in its Home Health Care agency. Mr. Kantor further expressed belief in the favorable synergy that will exist between the Company's Health Care and Insurance divisions.
 -0- 4/18/94
 /CONTACT: Marvin D. Kantor or Sheldon A. Gold of Wendt-Bristol Health Services Corporation, 614-221-6000/
 (WMD)


CO: Wendt-Bristol Health Services Corporation ST: Ohio IN: MTC SU:

KL-BM -- CL023 -- 7711 04/18/94 14:34 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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