Audiotech Acquires Idaho Clinics.CALGARY, ALBERTA--(BUSINESS WIRE)--July 2, 1998--Audiotech Healthcare (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Audiotech Healthcare Corporation ("Audiotech") has completed the first phase of its previously announced agreement to acquire its first U.S. clinics. The clinics are in Idaho Falls Idaho Falls, city (1990 pop. 43,929), seat of Bonneville co., SE Idaho, traversed by the Snake River; inc. 1900. The chief city of the extensively irrigated upper Snake valley, Idaho Falls is the prosperous commercial and processing center of a cattle, dairy, and and Rexburg, Idaho Rexburg is a city in Madison County, Idaho, in the United States. As of the 2000 census, the city population was 17,257. The city is the county seat of Madison CountyGR6. . Together with the assets and business of the two clinics, Audiotech also acquired the services of two professional audiologists, including Dr. Gerry Mill, from whom the clinics are being acquired. Dr. Mill will continue as chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Idaho operations and Mr. ladarola, President of Audiotech, becomes Chairman of the Idaho corporation. Audiotech purchased 50 percent of the shares of Audiology audiology /au·di·ol·o·gy/ (aw?de-ol´ah-je) the study of impaired hearing that cannot be improved by medication or surgical therapy. au·di·ol·o·gy n. and Hearing Aid Services Inc. ""Hearco"), an Idaho corporation, for U.S. $192,500; U.S. $100,000 cash and the issuance of 220,000 common shares of Audiotech at a deemed issuance price of approximately U.S. $0.42. The second closing for the balance of the Hearco shares is to be completed on or before April 3, 2001 for U.S. $192,000 but may be accelerated to an earlier date, subject to provisions for Dr. Mill to continue to receive the equivalent of dividends he would have otherwise received had he held the Hearco shares to April 3, 2001. Dr. Mill has entered into a three-year employment contract with Hearco and a non-competition agreement for a period of four years from the closing. Based on historical results, Hearco is expected to contribute gross revenues of approximately U.S. $625,000 (Cdn. $912,500) and net revenues before taxes of approximately U.S. $150,000 (Cdn. $219,000). Audiotech now operates eight audiology clinics in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Alberta and Idaho with gross revenues for 1998 expected to be approximately Cdn $2.8 million. Audiotech intends to continue as a consolidator of audiology clinics in Canada and northwestern United States Noun 1. northwestern United States - the northwestern region of the United States Northwest western United States, West - the region of the United States lying to the west of the Mississippi River , capitalizing on the efficiencies it can bring through centralized senior management and administrative systems, bulk purchasing and gross marketing. Audiotech will also continue to focus on delivery of quality service and products to its customers. NOTE TO EDITORS: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
CONTACT: Audiotech Healthcare Corporation
Osvaldo (Ozzie) ladarola, 250/372-5847
250/372-3859 (FAX)
info@audiotech.org
http://www.audiotech.org
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