INTERCARE &lt;CARE> SAYS ACQUISITION TERMINATED

  InterCare Inc said it has
  agreed to terminate the proposed acquisition of &lt;Universal
  Care> because &lt;First Jersey Securities> has withdrawn as
  underwriter for a proposed offering of InterCare securities.
      The company said the offering was to have raised 7,500,000
  dlrs for working capital through the sale of equity and debt
  and would have also financed the 1,897,000 dlr cash portion of
  the Universal Care purchase price.  In addition, 1,700,000 dlrs
  would have been used to repay debt.
      InterCare said to date it has incurred about 500,000 dlrs
  in expenses in connection with the proposed offering.
      The company said to improve its working capital position,
  it plans to reduce operating expenses by decreasing hours of
  operation and its workforce and selling some assets.
      As of October 31, the copmpany said it had a working
  capital deficit of 2,301,000 dlrs, on a pro forma basis to
  include recently acquired U.S. Medical Enterprises Inc.
  

