Intelligent Medical Announces Group Purchasing Agreement With MAGNET.PALM BEACH GARDENS, Fla.--(BW HealthWire)--July 31, 1997-- Intelligent Medical Imaging, Inc. (Nasdaq:IMII), the developer and marketer of the MICRO21 system, an intelligent, automated microscope for diagnostic use in hospitals, commercial reference and physician group practice laboratories, signed a 3 year Group Purchasing Agreement with Mid-Atlantic Group Network of Shared Services shared services, n.pl the administrative, clinical, or other service functions that are common to two or more hospitals or their health care facilities and used jointly or cooperatively by them. , Inc. (MAGNET), one of the largest and oldest shared service organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Under the terms of the agreement, Intelligent Medical is granted rights to distribute and market the MICRO21 automated microscopic system to MAGNET's network of over 900 acute care hospitals. Marketing will begin immediately. Tyce Fitzmorris, 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. of Intelligent Medical commented "Intelligent Medical is very pleased to have been chosen to provide MAGNET's members in the capital equipment market with our intelligent, automated microscopic system. Importantly, this alliance with MAGNET further demonstrates Intelligent Medical's strategy to gain access to the domestic market by leveraging distribution agreements with group purchasing organizations A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. . We view this arrangement as the beginning of an exciting new partnership that will benefit both companies." Derwood Dunbar, Jr., President and CEO of MAGNET stated, "We look forward to promoting the MICRO21 automated microscopic system as another way to help reduce costs, improve quality and provide an increased level of standardization in the clinical laboratory. This instrument provides real value in a very competitive healthcare marketplace." MAGNET, based in Mechanicsburg, PA, and Intelligent Medical will co-market the MICRO21 system through member committee meetings, direct mail campaigns, and individual sales and marketing efforts. MAGNET's sales and marketing organization will also be involved in introducing the MICRO21 system to the MAGNET membership. The MAGNET membership comprises approximately 12,000 healthcare facilities in 16 states plus the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . These include Association Management Resources, Naperville, IL; Diversified Network Services, Wallingford, CT; AIIHealth, Harrisburg, PA; Healthcare Svs. of New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , Braintree, MA; Hospital Central Svs., Allentown, PA; Joint Purchasing Corporation, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY; Monmouth Ocean Hospital Svs. Corp, Neptune, NJ; Prime/Maryland Hospital Assoc., Lutherville, MD; and Southwest Ohio Health Care Affiliates, Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. . For More Information on Intelligent Medical Imaging, at no cost via facsimile, please dial 1-800-PRO-INFO, and enter Code No. 259, or Stock Ticker Stock ticker A letter designation assigned to securities and mutual funds that trade on US financial exchanges. Symbol - IMII. The foregoing press release includes "forward-looking statements" within the meaning of and made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company or events, or timing of events, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company to differ materially from any future results, performance or achievements of the Company or events, or timing of events, relating to the Company expressed or implied by such forward looking statements. Such factors include, among others: the potential delays in the Company's achievement of substantial market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" and widespread acceptance of the MICRO21 system; delays and impediments associated with the industry and market perception of the dispute, even though now settled, between the Company and Coulter; the inability of the Company to enter into an alternative exclusive distribution agreement due to certain rights granted to Coulter under the Settlement Agreement; the expense, delays and potential setbacks in development of competent and capable sales and marketing teams and service teams for penetration and support of the market for the MICRO21 system; the potential failure of the Company's sales team, and Coulter or other distributors to sell MICRO21 systems in amounts sufficient to help the Company achieve its sales goals; the uncertainty of capital for future capital needs, especially in the event of further delays in anticipated widespread market acceptance of the MICRO21 system. The Company cannot assure that it will be able to anticipate or respond timely to any of the factors listed above, which could adversely affect operating results. CONTACT: AT THE COMPANY Tyce M. Fitzmorris Gene Cochran Chairman, CEO & Chief Financial Officer President 561/627-0344 561/627-0344 or AT THE FINANCIAL RELATIONS BOARD Joe Calabrese Brian Gill 212/661-8030 (Analyst) 212/661-8030 |
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