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Microcap & Penny Stocks : Iatros Health Network Inc -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hofmann who wrote (524)	4/20/1998 5:13:00 PM
From: Kris Dungan	Read Replies (2) \| Respond to of 560

Monday April 20, 1:32 pm Eastern Time Iatros to merge with NewCare ATLANTA, April 20 (Reuters) - Iatros Health Network Inc. said Monday it has renegotiated terms of a proposed merger with NewCare Corp. (NWCA - news) and intends to pursue and consummate a merger transaction. Iatros said in a statement the two companies have entered into a non-binding letter of intent for the acquisition of Iatros' outstanding common and series B preferred stock and options and warrants for about $7 million in NewCare common stock or a combination of NewCare common stock and cash. Also, the terms call for the acquisition of the outstanding series A preferred stock for about $1 million in a combination of NewCare common stock, cash and warrants for 250,000 shares of NewCare common stock at an exercise price of $1 above the NewCare price, which is the average closing bid price for the 20 days ending two days before the closing. The acquisition transaction is subject to, among other things, execution of a definitive merger agreement and approval of the shareholders of both companies. Iatros said it has pursued a business combination because of its inability to independently meet its short-term corporate obligations, its need to further capitalize existing operations, and its dependency on continued cost reductions and revenue growth to support continuing operations. Iatros provides management and health care ancillary services to the long-term care industry.