Alliance Imaging signs definitive agreement to acquire MRI service provider.ORANGE, Calif.--(BUSINESS WIRE)--April 17, 1996--Alliance Imaging 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 :SCAN), the nation's largest provider of hospital-based fixed-site and mobile 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. (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ) and computed tomography Computed tomography (CT scan) X rays are aimed at slices of the body (by rotating equipment) and results are assembled with a computer to give a three-dimensional picture of a structure. (CT) services, Wednesday announced that it has signed a definitive agreement to acquire a privately held provider of mobile MRI services operating in several Eastern states Eastern States can refer to several locations:
According to Alliance Imaging Chairman, President 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. Richard N. Zehner, the acquisition is expected to increase Alliance's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues by nearly 10% and immediately add to profitability with the addition of several state-of-the-art MRI systems to Alliance's existing MRI fleet and over 20 new hospitals to its customer base. For competitive reasons, the name of the company will not be released until the transaction has been completed. Zehner commented, "The acquisition of this high quality, regional provider of MRI services will provide us with greater market share in several of our existing markets and expand our service territory while adding additional skilled operations and sales people to our field staff." The acquisition is expected to be completed in late April and will be accounted for under the purchase method of accounting. Further terms of the mostly cash transaction were not disclosed. Zehner added, "The completion of this important acquisition will mark our third and largest strategic acquisition in the last seven months. We fully expect this acquisition to provide further confirmation of the wisdom of our strategy to acquire regional MRI service providers to increase market share, provide economies of scale in regions we currently serve and profitably grow the company." Alliance Imaging Inc. is a leading provider of comprehensive diagnostic imaging services provided to hospitals and other healthcare providers. Services are provided on either a mobile, shared-user basis or on a full-time single-user basis. The company currently operates 81 MRI and 10 CT units nationwide. CONTACT: Alliance Imaging Terrence M. White, 714/921-5656 or South Coast Communications Group Marty Tullio (investors), 714/252-8440 Owen Daley (media), 714/252-8440 |
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