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To: The Rainmaker who wrote (4)	6/25/1999 8:50:00 AM
From: The Rainmaker	Read Replies (1) \| Respond to of 6

News Out!!!! Friday June 25, 8:15 am Eastern Time Company Press Release Specialty Care Network Completes Restructuring Transaction LAKEWOOD, Colo.--(BUSINESS WIRE)--June 25, 1999--Specialty Care Network, Inc. (Nasdaq/NM:SCNI - news) today announced that it closed the previously announced restructuring transaction with nine practices. As a result, the Company has received approximately $12.6 million and is scheduled to receive by July 15, 1999, an additional approximately $5.4 million. Most of these funds will be used to reduce indebtedness. In addition, shares outstanding will be reduced by approximately 3.3 million shares. One of the practices subject to the restructuring transaction failed to close. The Company is considering appropriate remedial action, including possibly instituting litigation against the practice that failed to close. In addition, one practice elected to utilize a per month payment for its service fees payable under its management services agreement with the Company, rather than a $1.8 million lump sum payment, as initially contemplated. As previously disclosed, the actual amount of funds to be received by the Company will be subject to adjustment based on the net book value of the assets and liabilities acquired by the physician practices in the restructuring transaction. Kerry R. Hicks, president and chief executive officer of Specialty Care Network, Inc., stated, ''We are delighted to have closed the restructuring transaction with nine practices. Despite the failure of one practice to close, our restructuring efforts in connection with our physician practice management business are largely behind us. We can now focus our time and resources on developing our other businesses, including our healthcare Internet sites. Shortly, we plan to describe in detail our Internet strategy to stockholders.'' This press release contains forward-looking statements, including statements concerning the development of certain of the Company's businesses, including its healthcare Internet business. Actual results could differ materially from those addressed in the forward-looking statements due to unanticipated requirements related to the Company's physician practice management business and to ongoing litigation. Other risks and uncertainties are detailed in the Company's most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: Specialty Care Network Inc. Kerry R. Hicks, 303/716-0041 -------------------------------------------------------------------------------- More Quotes and News: Specialty Care Network Inc (Nasdaq:SCNI - news) Related News Categories: medical/pharmaceutical