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ALLIANCE IMAGING ANNOUNCES COMPLETION OF STRATEGIC ACQUISITION

    ALLIANCE IMAGING ANNOUNCES COMPLETION OF STRATEGIC ACQUISITION
    LA PALMA, Calif., March 30 /PRNewswire/ -- Alliance Imaging, Inc. (NASDAQ: SCAN) announced today that it has completed the acquisition of Atlantic/Gulf Magnetic Imaging Consortium, Inc., a provider of shared- user MRI services based in Macon, Ga.  Richard N. Zehner, chairman, president and chief executive officer of Alliance, stated that the acquisition of Atlantic/Gulf is part of Alliance's strategic growth plan and resulted in the addition of 10 MRI units to Alliance's current base of 57 MRI units operating in 18 states.  The business of Atlantic/Gulf will continue to be operated under the name "Atlantic/Gulf Imaging, Inc." and day-to-day operations will continue to be managed by Neil M. Cullinan, the president of Atlantic/Gulf.  The acquisition provides expansion into seven states not previously served by Alliance.
    The transaction was valued at approximately $12.3 million, consisting of the issuance of 702,994 shares of Alliance Imaging common stock and the payment of approximately $324,000 in cash for all the outstanding stock of Atlantic/Gulf, and the assumption of and payoff of existing indebtedness of approximately $5.7 million.  Zehner stated that Alliance is delighted with the acquisition of Atlantic/Gulf and expects that the company will have a favorable impact on consolidated financial results.
    In 1991, Alliance Imaging reported revenues of $52,021,000, net income of $1,324,000 and earnings per share of $.32, while Atlantic/Gulf had revenues of $8,531,000 and income before taxes of $848,000.
    Alliance Imaging is a leading provider of comprehensive MRI services to hospitals and other health care providers.  Services are provided on both a mobile, shared-user basis as well as on a full-time basis to single customers.  The company currently operates 67 MRI units and six CT units nationwide.
    -0-                     3/30/92
    /CONTACT:  Vincent Pino, executive vice president of Alliance Imaging, 714-670-1479/
    (SCAN) CO:  Alliance Imaging, Inc.; Atlantic/Gulf Magnetic Imaging Consortium ST:  California, Georgia IN:  HEA SU:  TNM SM -- NY106 -- 3127 03/30/92 18:07 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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