ITEM 5. OTHER EVENTS
Seal Holdings Corporation issued a press release today,a the text of which
reads as follows:
FOR IMMEDIATE RELEASE
November 6, 1998
Contact: James S. Goodner, CFO
(561) 833-5111
SEAL HOLDINGS ANNOUNCES HEALTHCARE SERVICES TRANSACTION
WITH CAMBER COMPANIES, LLC
(Palm Beach, FL) Seal Holdings Corporation (NASDAQ:SEAH), announced today
that its physician practice management business will be combined with Camber
Companies, LLC, a Delaware limited liability company with a majority interest
held by Kohlberg & Company, a private investment firm based in Mt. Kisco,
New York. Camber, which will specialize in musculoskeletal care throughout
the country, has an initial $20 million funding arrangement from Kohlberg
for acquisitions and working capital of the company.
As a result of the transaction, Seal will become an interest holder in
Camber and report a 1998 pre-tax gain on the asset sale of approximately
$1.9 million.
Thomas M. Ferguson, Chairman of Seal, will be a Director of Camber.
Seal Holdings Corporation identifies, structures and finances developmental
stage companies in growth industries.
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This press release may contain forward-looking statements concerning, among
other things, management's plans and objectives for future operations and
statements of future economic performance. All such forward-looking
statements are, by necessity, only estimates of future results, and actual
results achieved by Seal or Camber may differ materially from these
statements.
