PMC Pharmerica Corp. (delisted)

PMC Capital, Inc. and PMC Commercial Trust Complete Merger DALLAS, March 1 /PRNewswire-FirstCall/ -- PMC Commercial Trust today announced that it has completed the merger with PMC Capital, Inc. , effective February 29, 2004, whereby PMC Capital, Inc. ("PMC Capital") was merged with and into PMC Commercial Trust ("PMC Commercial"). Under the terms of the merger agreement, PMC Capital was merged into PMC Commercial, with PMC Commercial continuing as the surviving entity. Each issued and outstanding share of PMC Capital common stock was converted into 0.37 of a common share of PMC Commercial. The merger was recommended by each company's special committee, approved by the boards of PMC Capital and PMC Commercial, and by the shareholders of each company. Andrew S. Rosemore, Chairman of the Board of PMC Commercial, said, "This transaction will provide a larger asset and equity base that is anticipated to enhance our future growth. Becoming a self-directed, instead of externally managed, REIT is a significant development in our ability to expand our investment parameters." Lance B. Rosemore, former Chief Executive Officer of PMC Capital, said, "We are very pleased to be able to combine our business platform and portfolio with the portfolio of PMC Commercial. Together, we anticipate that we will have a more cost effective capital structure that will allow for greater investment opportunities." Investors may call, (972) 349-3235, and request copies of public filings and press releases. Inaddition, investors may call this number and reach PMC Commercial's Investor Relations Department to ask questions based on publicly available information. PMC Commercial is a real estate investment trust (REIT) that primarily originates commercial real estate loans primarily to operators in the hospitality industry. PMC Commercial also owns limited service hotel properties leased to a third party operator. CERTAIN MATTERS DISCUSSED HEREIN MAY CONSTITUTE "FORWARD-LOOKING STATEMENTS." PMC COMMERCIAL INTENDS SUCH FORWARD-LOOKING STATEMENTS TO BE COVERED BY THE SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS, AND IS INCLUDING THIS STATEMENT FOR PURPOSES OF COMPLYING WITH THESE SAFE HARBOR PROVISIONS. ALTHOUGH PMC COMMERCIAL BELIEVES THE FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, PMC COMMERCIAL CAN GIVE NO ASSURANCE THAT ITS EXPECTATIONS WILL BE ATTAINED. ACTUAL RESULTS AND THE TIMING OF CERTAIN EVENTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED IN OR CONTEMPLATED BYTHE FORWARD-LOOKING STATEMENTS DUE TO A NUMBER OF FACTORS, INCLUDING, WITHOUT LIMITATION, THE TAX-FREE NATURE OF THE MERGER, THE EFFECT OF WAR OR THE THREAT OF WAR AND THE RECENT TERRORIST ATTACKS, GENERAL ECONOMIC AND REAL ESTATE CONDITIONS, THE CYCLICALITY OF THE HOTEL BUSINESS, INCREASED SUPPLY AND WEAK DEMAND WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS OR THOSE ANTICIPATED, INCREASES IN OPERATING COSTS RESULTING IN LOWER OPERATING MARGINS, THE CONTINUED ABILITY OF PMC COMMERCIAL TO QUALIFY FOR TAXATION AS A REIT, AND OTHER RISKS DETAILED FROM TIME TO TIME IN THE FILINGS OF PMC COMMERCIAL WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC"), INCLUDING, WITHOUT LIMITATION, THE RISKS DESCRIBED IN ITS FORM 10-K. PMC COMMERCIAL DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. ADDITIONAL INFORMATION AND WHERE TO FIND IT PMC COMMERCIAL FILES ANNUAL, QUARTERLY AND SPECIAL REPORTS, PROXY STATEMENTS AND OTHER INFORMATION WITH THE SEC. YOU MAY READ AND COPY ANY REPORTS, STATEMENTS OR OTHER INFORMATION FILED BY PMC COMMERCIAL WITH THE SEC. THESE DOCUMENTS WILL BE AVAILABLE FREE OF CHARGE AT THE SEC'S WEBSITE (http://www.sec.gov/ ) OR BY DIRECTING A REQUEST WHEN SUCH A FILING IS MADE TO PMC COMMERCIAL TRUST, 17950 PRESTON ROAD, SUITE 600, DALLAS, TEXAS 75252, ATTN: INVESTOR RELATIONS, TELEPHONE (972) 349-3235. DATASOURCE: PMC Commercial Trust; PMC Capital,Inc. CONTACT: Investor Relations of PMC Commercial Trust and PMC Capital, Inc., +1-972-349-3235 Web site: http://www.sec.gov/

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