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Coastal Physician Group, Inc.
(Name of Registrant as Specified In Its Charter)
Coastal Physician Group, Inc.
(Name of Person(s) Filing Proxy Statement)
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NEWS RELEASE [LOGO] COASTAL
PHYSICIAN
GROUP, INC.
Its Subsidiaries and
Affiliates
FOR IMMEDIATE RELEASE CONTACT: Robert P. Borchert
Senior Vice President
919-383-0355
COASTAL PHYSICIAN GROUP RETAINS SMITH BARNEY AS
INVESTMENT BANKER TO EXPLORE THE SALE OF THE COMPANY
-- Company will Continue to Revitalize Core Business as well as
Divest Non-core Assets to Meet Bank Obligations --
DURHAM, NC, September 23, 1996 -- Coastal Physician Group, Inc.
(NYSE: DR) today announced that it has engaged the investment
banking firm of Smith Barney Inc. as the Company's lead finan-
cial advisor to assist Coastal in evaluating a possible sale of
the Company.
"We recognize the importance of evaluating all alternatives to
enhance Coastal's value for our shareholders, and are continu-
ing to actively explore the sale of the entire Company and all
other possible strategic or financial transactions, including
equity placements in addition to our asset sale and business
revitalization initiatives," said Joseph G. Piemont, President
and Chief Executive Officer of Coastal Physician Group. "These
initiatives are supplemental to our turnaround efforts to date
and should not impede the aggressive implementation of our com-
prehensive plan, which we believe is only enhancing the value
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of our organization by reducing our indebtedness and improving
the operation of our businesses."
Coastal Physician Group, Inc. is a diversified physician man-
agement company providing a broad range of health care and ad-
ministrative services to physicians, hospitals, employers, man-
aged care programs and other health care providers.
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