Corporate Profile for PHC Inc., dated May 21, 1999

Business Wire, May 21, 1999

--(BUSINESS WIRE)--

The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-

Published Date:   May 21, 1999

Company Name:     PHC Inc. dba Pioneer Behavioral Health

Address:          200 Lake ST. STE 102
                  Peabody, MA 01960


Main Telephone
 Number:          978/536-2777

Internet Home
 Page Address
  (URL)           PHC-INC.COM

Chief Executive
 Officer:         Bruce A. Shear

Chief Financial
 Officer:         Paula C. Wurts

Investor Relations
 Contact:         Terri Bates

Trading Symbol/
 Exchange:        PIHC/NASDAQ SMALL CAP

Industry:         Behavioral Healthcare


   Company description:

NASDAQ Symbol: PIHC
12 Months
  High         2.62
  Low           .56
  Recent       1.12


                 3rd QTR            2nd QTR            1st QTR

             3/30/99 3/30/98    12/30/98 12/30/97   9/30/98 9/30/97

Net
 Revenue 4,709,884 5,545,245  4,750,350 5,425,690 4,911,295 5,177,495
Net Income 215,001  (986,075)
EPS            .03      (.18)       .03      (.20)       .01    (.21)

               Shares Outstanding:
                   6,182,204

-- Pioneer Behavioral Health Profile

Pioneer Behavioral Health is a leading provider in the behavioral healthcare field. PIHC owns and operates inpatient and outpatient facilities in NY, VA, MI, KS, UT and NV.

Over the last six months PIHC has reengineered its operations and refocused its efforts on its core behavioral healthcare business.

-- BehavioralHealthOnLine.COM

By establishing this new division, Pioneer anticipates becoming the worldwide leader in providing behavioral healthcare services on line. These services will include, but are not be limited to, online continuing education programs; the individual will not need to travel and could participate in these programs on their own schedule. This coupled with book and tape sales and strategic relationships with key customers creates a substantial business opportunity.

-- Major Customers

Pioneer is a recognized leader in the behavioral healthcare field. Its major corporate partners include Union Pacific Railroad, this country's largest railroad, Conrail, CSX, and Canadian Pacific Railroads.

Its Harmony Healthcare division, based in Las Vegas, is a leading provider of behavioral health services to the gaming industry. Its corporate customers include Boyd Gaming Corporation, the MGM, Mirage, Treasure Island, the Golden Nugget, Stations Casino, and the Rio. The Company also is exploring growth outside of Nevada.

This investor profile may include forward-looking statements about the Company's revenues and earnings and future plans and objectives. Any such statements are subject to risks and uncertainties that could cause the actual results to vary materially. These risks are discussed in the Company's Report on Form 10-KSB for the years ended June 30, 1996, June 30, 1997, and June 30, 1998 filed with the Securities and Exchange Commission on October 4, 1996, October 14, 1997, and October 13, 1998 respectively.