FONAR Announces Latest Income-Boosting Transaction
June 20 2017 - 7:30AM
FONAR Corporation (NASDAQ:FONR), The Inventor of MR Scanning™,
reported today that Health Management Company of America (HMCA), of
which FONAR is the majority owner, has now purchased more than 99%
interest in the FONAR MRI equipment lease related to Stand-Up MRI
of Great Neck, thereby adding to FONAR’s net income and cash flow.
Turnkey Services of Great Neck, LLC, by way of
an operating lease, has been the sole provider of a FONAR UPRIGHT®
Multi-Position™ MRI to HMCA-managed Stand-Up MRI of Great Neck,
which is located in Great Neck, New York.
Timothy R. Damadian, President and CEO of FONAR
Corporation, said, “We are pleased to report that with this
transaction and the other three acquisitions made within the last
twelve months, we continue to contribute to the growth and
financial stability of the company and eagerly continue our search
for similar promising opportunities.”
About FONAR:
FONAR, The Inventor of MR Scanning™, located in
Melville, NY, 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.
FONAR's signature product is the FONAR UPRIGHT® Multi-Position™ 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 in the conventional lie-down position. The
FONAR UPRIGHT® MRI often detects patient problems that other MRI
scanners cannot because they are lie-down and "weightless-only"
scanners. The patient-friendly UPRIGHT® MRI has a near-zero
claustrophobic rejection rate by patients. Regarding patient
comfort, as one FONAR customer stated, "If the patient is
claustrophobic in this scanner, they'll be claustrophobic in my
parking lot." Approximately 85% of patients are scanned sitting
while watching TV.
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: investor@fonar.com
www.fonar.com
The Inventor of MR Scanning™
An ISO 9001 Company
Melville, New York 11747
Phone: (631) 694-2929
Fax: (631) 390-1772
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