ITEM 5. OTHER EVENTS
Seal Holdings Corporation issued a press release today, the text of which
reads as follows:
FOR IMMEDIATE RELEASE
June 2, 1998
Contact: James S. Goodner
(561) 833-5111
SEAL'S HEALTHCARE SUBSIDIARY SIGNS AGREEMENTS WITH MONSANTO HEALTH SOLUTIONS
FOR DEVELOPMENT OF PHYSICIAN PRACTICE MANAGEMENT BUSINESS
(Palm Beach, FL.) Seal Holdings Corporation (NASDAQ:SEAH) announced today
that its wholly-owned subsidiary, Primary Care Medical Centers of America,
Inc. ("PCMC"), a musculoskeletal, multi-disciplinary physician practice
management company with a planned assemblage of physicians and related
practitioners, has entered into two agreements with Monsanto Health
Solutions, a division of Monsanto Company (NYSE:MTC). These agreements
are an important part of PCMC's plan to become one of the country's leading
specialty healthcare firms. Reflecting its endorsement of PCMC's business
plan, Monsanto Health Solutions has agreed, subject to certain performance
and other conditions, to provide PCMC with interim funding in exchange for
the opportunity to acquire up to $21 million of PCMC stock.
Monsanto announced yesterday its acquisition by American Home Products
(NYSE: AHP) in a deal valued at $33.5 billion. The proposed merger would
create a $96 billion life-science company. Within Monsanto, Monsanto Health
Solutions' activities include developing healthcare services and products
linked together through common technologies, studies and information sources.
Seal's Chairman, Thomas M. Ferguson, stated, "We are very pleased to be
working with Monsanto Health Solutions. PCMC's comprehensive approach to
musculoskeletal care combined with Monsanto's emerging information
technology, managed care contracting and physician networks position us for
planned growth in the healthcare services industry."
Seal Holdings Corporation identifies, structures and finances developmental
stage companies in growth industries.
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