FONAR Board of Directors Appoints Independent Director
FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™,
today announced that on June 4, 2020, its board of directors
appointed Richard E. Turk as a replacement independent director to
fill vacancies on the Company’s board of directors and audit
Timothy Damadian, president and CEO of FONAR,
said, “Our primary source of income and growth is attributable to
its diagnostic imaging management subsidiary, Health Management
Company of America (HMCA). We expect Mr. Turk’s remarkable
success in growing and acquiring outpatient practices to be very
beneficial to our growth, which makes him a perfect fit for the
Company. We are delighted to have him working with the board of
directors and a member of the audit committee.”
Dr. Raymond Damadian, Chairman of FONAR,
continued, “All this follows the recent passing of Robert Janoff,
who was a good friend and able member of the board of directors
Mr. Turk is the Chief Development Officer of
PRISM Vision Group, a private equity-backed, multi-location,
outpatient comprehensive eye care practice headquartered in Union
New Jersey. Since joining PRISM in November 2018, Mr. Turk has
helped source, analyze, and complete 12 acquisitions. He
spearheaded growth efforts that helped PRISM expand from a
single-specialty (retina) provider with 17 locations and 21
physicians to a comprehensive, vertically-integrated,
multi-specialty, eye care organization with approximately 90
physicians and more than 50 locations across New Jersey,
Pennsylvania, Delaware and Maryland.
Prior to his tenure at PRISM, Mr. Turk was
employed by Professional Physical Therapy, a private equity-backed
outpatient physical and occupational therapy company headquartered
in Uniondale New Jersey with more than 180 locations across New
York, New Jersey, Connecticut, Massachusetts, and New
Hampshire. During his four years at Professional Physical
Therapy, Mr. Turk sourced, analyzed, and completed 32 acquisitions
comprised of 116 clinics, expanding the company’s services and
adding three states.
From 2007 to 2014, Mr. Turk was employed by
Bruderman Brothers, a broker dealer involved in investment banking,
merchant banking, investment advisory, and consulting for lower
middle market companies ($10M- $250M of enterprise value) in a
variety of industries, including healthcare. Mr. Turk was Vice
President of Bruderman Brothers from 2011 to 2014.
Mr. Turk graduated from Columbia University with
a B.A. in American History in 2007.
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 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 patient
claustrophobic rejection rate. 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 watching TV.
FONAR has new works-in-progress technology for
visualizing and quantifying the cerebral hydraulics of the central
nervous system, the flow of cerebrospinal fluid (CSF), which
circulates throughout the brain and vertebral column at the rate of
32 quarts per day. This imaging and quantifying of the dynamics of
this vital life-sustaining physiology of the body’s neurologic
system has been made possible first by FONAR’s introduction of the
MRI and now by this latest works-in-progress method for quantifying
CSF in all the normal positions of the body, particularly in its
upright flow against gravity. Patients with whiplash or other neck
injuries are among those who will benefit from this new
FONAR’s substantial list of patents includes
recent patents for its technology enabling full weight-bearing MRI
imaging of all the gravity sensitive regions of the human anatomy,
especially the brain, extremities and spine. It includes its newest
technology for measuring the Upright cerebral hydraulics of the
central nervous system. FONAR’s UPRIGHT® Multi-Position™ MRI is the
only scanner licensed under these patents.
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