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                                                                    EXHIBIT 99.1

MIAMI--(BUSINESS WIRE)--May 31, 2001--Continucare Corporation (AMEX:CNU), a
leader in the field of providing outpatient healthcare services through managed
care arrangements and home healthcare services in the Florida market, today
reported that it did not make the semi-annual interest payment on its
Convertible Subordinated Notes due 2002 within the 30-day grace period because
the Company is continuing its discussions to restructure the Notes.

If the Company fails to reach an agreement with the noteholders and a related
party regarding restructuring the Notes and the event of default continues, the
principal of all Notes may be declared due and payable immediately, as well as
any accrued and unpaid interest.

Continucare Corporation, headquartered in Miami, Florida, is a holding company
with subsidiaries engaged in the business of providing outpatient physician care
and home healthcare services.

Except for the historical matters contained herein, statements in this press
release are forward-looking and are made pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements involve risks and uncertainties that may affect the
company's business and prospects, and cause results to differ materially from
those set forth in the forward-looking statements. In addition to the factors
set forth elsewhere in this release, the economic, competitive, governmental,
technological and other factors identified in Continucare's filings with the
Securities and Exchange Commission could affect the forward-looking statements
contained in this release.

CONTACT:

     Continucare Corporation, Miami
     Spencer J. Angel, 305/350-7543
     SPENCER ANGEL@CONTINUCARE.COM