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December 17, 1997
FOR IMMEDIATE RELEASE
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Contact: John L. Teeger, Secretary, HealthRite Inc.
212-829-0900
HEALTHRITE INC.
ANNOUNCES POSTPONEMENT OF ITS ANNUAL MEETING OF STOCKHOLDERS
New York, New York, December 17, 1997 -- HealthRite Inc.
(Nasdaq:HLRT), announced today that the Board of Directors of the Company has
authorized the postponement of the Annual Meeting of Stockholders to January 9,
1998 from December 17, 1997 and the relocation of the Meeting to the University
Club, 1 West 54th Street, New York, New York.
The Company advised that the postponement was the result of the lack
of response from holders of approximately 800,000 shares of the Common Stock of
the Company (representing approximately 20% of the outstanding shares) with
respect to the issues being presented at the Meeting, namely the election of
seven directors of the Company and the proposal to amend the Company's Stock
Option Plan. The Company stated that in view of the importance of these issues,
management believes that as many stockholders as possible should have the
opportunity to express their views, and the postponement should allow that to
occur.
In this respect, it noted that the Proxy Statement of the Company was
not distributed to the stockholders until on or after November 21, 1997, and
the distribution of the Proxy Statements of the Committee (the "Committee in
Opposition") proposing a slate of seven directors in opposition to the
management's slate did not commence until on or about December 3, 1997.
Management also believes that the postponement will permit the Company
to inform all the stockholders of the material misstatements and omissions
contained in the Committee in Opposition's proxy materials which have been
distributed to the stockholders. In this respect, management anticipates the
distribution of additional materials to the stockholders shortly.
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