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Microcap & Penny Stocks : CHCA Does anyone follow this stock -- Ignore unavailable to you. Want to Upgrade?

To: Chartgod who wrote (33)	4/15/1998 2:19:00 PM
From: BlueCheap	Read Replies (1) \| Respond to of 45

Consolidated Health Care Announces Sale FRANKLIN, Mass., April 15 /PRNewswire/ -- Consolidated Health Care Associates, Inc. (Nasdaq: CHCA - news) today announced the sale of certain assets of the subsidiary known as PTS Rehab, Inc. has been consummated with NovaCare, Inc. (the ''Purchaser'') pursuant to the Purchase, Agreement, the Purchaser will purchase substantially all of the assets of PTS relating solely to the four outpatient clinics located in Attleboro, Leominster, Pittsfield and West Bridgewater, Massachusetts and the related leases, provider agreements, service agreements and professional contracts, and assume certain limited disclosed liabilities of PTS and Consolidated related to such assets, for aggregate consideration of approximately $1,600,000 to be comprised of $1,100,000 in cash, a promissory note in the amount of $500,000 and the assumption of $75,000 of liabilities (the ''Sale''). The Company had recently completed a stockholders meeting on January 13, 1998, where the stockholder authorized the Board of Directors to sell certain assets of the subsidiary known as PTS Rehab, Inc. to the Olympus Healthcare Group, Inc. That transaction was terminated by Olympus. Subsequently, the Board of Directors reviewed alternative transactions that were deemed similar and the NovaCare transaction was then effectuated. NovaCare, Inc. is a substantial corporation and according to its financial statements filed with the Securities and Exchange Commission, has a net worth in excess of $500 million. The Company also disclosed that even with the completion of the transaction with NovaCare, there can be no assurances that the Company will be able to satisfy all of the liabilities that currently exists.