Banyan Corporation Acquires Contract to Manage Southern Diagnostic, Inc.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Banyan Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: BANY) said today that it has acquired a management contract to run the diagnostic business of Southern Diagnostic, Inc. Michael Gelmon, 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 Banyan, said the management contract runs through 2015, with options for Banyan to continue in its management role thereafter. "This agreement is, effectively, the acquisition of Nationwide Diagnostic as announced in April," said Mr. Gelmon. "However, due to a number of changes in the industry brought to light during the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process, and after seeking counsel, it was determined that the most prudent action was to complete the deal by gaining a management agreement with Southern Diagnostic functioning as the intermediary. "This agreement," Mr. Gelmon said, "coupled with the continued growth of our Chiropractic chiropractic (kīrəprăk`tĭk) [Gr.,=doing by hand], medical practice based on the theory that all disease results from a disruption of the functions of the nerves. USA(TM) subsidiary, should allow Banyan to be profitable the fourth quarter of fiscal 2005." About Banyan Corporation Banyan Corporation (OTC BB: BANY) is a publicly-traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Banyan's Chiropractic USA subsidiary focuses on the development of branded chiropractic clinics throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. by franchising chiropractic clinics under its brand, and its new Diagnostic USA(TM) subsidiary focuses on the rapidly growing diagnostic imaging arena. Banyan's other subsidiary, Banyan Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., provides practice finance solutions to the chiropractic, medical, dental and healthcare communities. This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. Chiropractic USA and Diagnostic USA are trademarks of Banyan Corporation. |
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