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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: James Lee Baldwin who wrote (8098)	5/5/1999 2:22:00 PM
From: P.E. Allen	Read Replies (1) \| Respond to of 52051

ALERT DON'T BUY "USHO" Monday May 3, 12:49 pm Eastern Time Company Press Release U.S. HomeCare Corporation Reports Annual Meeting and Proxy Statement Release HARTFORD, Conn.--(BUSINESS WIRE)--May 3, 1999--U.S. HomeCare Corporation (Symbol-USHO) announced the filing of its Proxy Statement giving notice of the company's upcoming Annual Meeting and its intention to seek shareholders' approval to effect a 1-for-1,500 reverse stock split of the Company's Common Stock. The reverse stock split will reduce the number of shareholders of record of the Company below 300, which will enable the Company to deregister its common stock under the Securities Exchange Act of 1934. The principal purpose of the proposed preliminary Reverse Stock Split is to eliminate the substantial costs associated with being a public company. Management's estimate of the direct cost savings associated with deregistration is approximately $250,000 per year. The indirect cost savings are expected to be even greater. As described within the Company's proxy statement, if approved by the shareholders filed with the SEC on April 27, 1999, any shareholders of record as of May 19, 1999 who would otherwise receive a fractional share in the reverse stock split will be paid for such fractional share in cash at a value of $0.014 per share. Once the deregistration is complete, there will not be a public market for the Company's Common Stock. U.S. HomeCare Corporation is a provider of home health care services in New York, Connecticut, and Pennsylvania. This press release contains forward-looking statements. All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the company's filings and reports with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: U.S. HomeCare Corporation Sophia V. Bilinsky Chief Executive Officer (914) 946-9601 or U.S. HomeCare Corporation Jay C. Huffard Chairman (203) 661-3405 -------------------------------------------------------------------------------- More Quotes and News: US Homecare Corp (OTC BB:USHO - news)