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Biotech / Medical : GFIH Graham-Field Health Prod
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To: Paul Lee who wrote (71)4/15/1999 9:41:00 AM
From: Paul Lee  Read Replies (1) of 84
 
Graham-Field to Review Strategic Options Reaches Agreement with Banks on Credit Extension
BAY SHORE, N.Y., April 15 /PRNewswire/ -- Graham-Field Health Products, Inc. (NYSE: GFI - news), a manufacturer and supplier of healthcare products, today announced that it will retain the investment banking firm of Warburg Dillon Read LLC to work with its new management team to review all strategic options for the Company to maximize shareholder value, including selling all or parts of its business.

The Company also announced that it has reached an agreement in principle with its banks to waive certain covenants and obtain an extension of its line of credit to April 30, 2000. In addition, the Company also reported that its auditors are working to complete the 1998 audit and the previously announced restatement of the Company's financial statements for 1996 and 1997. As soon as that review is completed, the Company will file its Annual Report on Form 10K and its financial results for the fourth quarter and year ended December 31, 1998. The Company expects to release its 1998 financial results in approximately two weeks.

''Our new management team will be focused on improving productivity, reducing costs and working with our investment bankers on a complete review of the strategic options for the company,'' said Graham-Field's newly appointed President and Chief Executive Officer Jack McGregor.
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