FONAR's Subsidiary Acquires Business Managing 12 UPRIGHT(R) MRI Scanners
March 06 2013 - 11:36AM
Marketwired
FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™,
reported that yesterday HMCA, a subsidiary of Fonar Corporation,
acquired through a majority interest in a newly formed limited
liability company, a business managing 12 Stand-Up® MRI centers and
2 other scanning centers located in Florida and New York for
purchase price of $34.4 million dollars. The newly formed limited
liability company will be known as
Health
Diagnostics Management, LLC (HDM).
The 12 Stand-Up® MRI centers managed by HDM together with the 11
managed by HMCA now comprise the largest network of Stand-Up® MRI
centers in the nation (23). By combining the resources of HMCA and
HDM, the Company will enjoy the benefits of 1) economies of scale,
2) shared administrative and technical expertise and capabilities,
and 3) joint marketing strategies.
Raymond Damadian, president and founder of FONAR said, "We are
delighted with this acquisition. The interests that we just
acquired allow us to grow quite significantly in one step. We have
now gone from 11 UPRIGHT® MRI scanners to 23."
About FONAR
FONAR (NASDAQ: FONR), Melville, NY, The Inventor of MR
Scanning™, is an AMERICAN COMPANY that was incorporated in 1978,
and is the first, oldest and most experienced MRI company in the
industry. FONAR introduced the world's first commercial MRI in
1980, and went public in 1981. Since its inception, nearly 300
recumbent-OPEN MRIs and over 150 UPRIGHT® Multi-Position™ MRI
scanners have been installed worldwide. FONAR's stellar product is
the UPRIGHT® MRI (also known as the STAND-UP® MRI), the only
whole-body MRI that performs Position™ imaging (pMRI™) and scans
patients in numerous weight-bearing positions, i.e. standing,
sitting, in flexion and extension, as well as the conventional
lie-down position. The FONAR UPRIGHT® MRI often sees the patient's
problem that other scanners cannot because they are lie-down only.
The patient-friendly UPRIGHT® MRI has a near-zero claustrophobic
rejection rate by patients. As a FONAR customer states, "If the
patient is claustrophobic in this scanner, they'll be
claustrophobic in my parking lot." Approximately 85% of patients
are scanned sitting while they watch a 42" flat screen TV. FONAR is
headquartered on Long Island, New York.
UPRIGHT® and STAND-UP® are registered trademarks and The
Inventor of MR Scanning™, Full Range of Motion™, Multi-Position™,
Upright Radiology™, The Proof is in the Picture™, True Flow™,
pMRI™, Spondylography™, Dynamic™, Spondylometry™, CSP™, and
Landscape™, are trademarks of FONAR Corporation.
This release may include forward-looking statements from the
company that may or may not materialize. Additional information on
factors that could potentially affect the company's financial
results may be found in the company's filings with the Securities
and Exchange Commission.
Contact: Daniel Culver Director of Communications E-mail: Email
Contact www.fonar.com
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