Advanced NMR Systems completes $22 million merger of imaging services division with U.S. Diagnostic.WILMINGTON, Mass.--(BW HealthWire)--Feb. 28, 1997--Advanced NMR NMR: see magnetic resonance. Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ANMR) announced today that it has closed the transaction to merge its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Medical Diagnostics Inc. ("MDI (1) (Multiple Document Interface) A Windows function that allows an application to display and lets the user work with more than one document at the same time. ") with a newly formed subsidiary of U.S. Diagnostic Inc. (NASDAQ: USDL). The transaction resulted in cash proceeds of $22.0 million to ANMR (which includes approximately $12.0 million for the repayment of bank debt. With the completion of this transaction, the company has increased its cash resources and can aggressively move forward to develop and analyze strategic objectives that will increase shareholder value. USDL will gain a medical imaging services business that owns and operates diagnostic imaging facilities in Massachusetts, New York, Virginia, West Virginia and Tennessee. ANMR will retain its rehabilitation business and interest in the Faulkner Hospital Sagoff Women's Center (scheduled to open in spring). ANMR will also continue to own and operate its medical imaging technology business and to own its shares in Advanced Mammography Systems Inc. (NASDAQ: MAMO). Commenting on the transaction, Jack Nelson, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ANMR, stated: "ANMR is now substantially positioned to pursue business opportunities and MDI, as part of USDL, will now have the opportunity to flourish within an organization dedicated solely to imaging services. Steven J. James, formerly CFO See Chief Financial Officer. of MDI has joined ANMR as its chief financial officer. We anticipate additional management changes to occur as we finalize our business plans." This press release contains forward looking information based upon current expectations that include a number of business risks and uncertainties. The factors that could cause results to differ materially include the following: delays in product development, lack of market acceptance of technology, technological innovations for competitors and changes in health care regulations, including reimbursement. Advanced NMR Systems Inc. is a provider of rehabilitation services and develops high field MRI technology. Its subsidiary, Advanced Mammography Systems Inc. has developed the only dedicated breast imaging system based on magnetic resonance imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. technology. MAMO has received U.S. Food and Drug Administration clearance to begin marketing activities for the product. CONTACT: Advanced NMR Systems Inc. Beverly Tkaczenko, 800/476-0569 |
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