Nasdaq staff's determination to delist Wellcare stayed pending hearing

Business Wire, May 3, 1996

KINGSTON, N.Y.--(BUSINESS WIRE)--May 3, 1996-- The WellCare Management Group Inc. (Nasdaq:WELLE) reported today that Nasdaq has notified WellCare that Nasdaq's staff has determined to delist WellCare's common stock from the Nasdaq national market, effective May 13, 1996. However, any such delisting has been stayed because WellCare has formally requested a review of the staff's determination. Thus the company's stock will continue to be listed and trade on the Nasdaq national market pending the review. An oral hearing has been tentatively scheduled for May 17, 1996.

The notice of delisting is due to WellCare's failure to release preliminary 1995 financial results by May 1, 1996, as the company previously expected, and its resultant inability to provide a timely plan to file its results. On April 30, 1996, the company informed Nasdaq that the company anticipated that preliminary financial results of the 1995 audit would be released on or before May 31, 1996. Nasdaq has also advised the company that at the hearing it will need to address its accounting practices. The company intends to address the issues raised by Nasdaq at the May 17, 1996 hearing.

WellCare is the Hudson River Valley's largest HMO. It currently provides health care services to its approximately 100,000 members in a service area extending from New York City to the southern Adirondacks, west into the Mohawk River Valley and Southern Tier counties, and east into bordering areas of Connecticut.

CONTACT: Joan Schuman

Joan Schuman Associates

914-338-2955

or

Melissa Wilmoth

Cameron Associates

212-644-9560