US Diagnostic Labs Inc. closes on equity interest in Laborde Diagnostics.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Feb. 16, 1995--US Diagnostic Labs, 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 Symbols USDLU, USDL USDL United States Department of Labor ) today announced that it has closed on the purchase of its interest in The Laborde Diagnostics, outpatient imaging business located in Lafayette, Louisiana Lafayette is a city on the Vermilion River in Lafayette Parish, in the U.S. state of Louisiana. [1] [2] Lafayette is the parish seat. As of the 2000 census, the city had a total population of 110,257; a 2004 census estimate put the metro area's population at . Laborde Diagnostics the leader in outpatient imaging services in the Lafayette market owns and operates multi modality imaging facilities with net collected revenues of approximately 4.0 million dollars and net income before income taxes in excess of $750,000 per annum Per annum Yearly. . Terms of the purchase include US Diagnostic purchasing an eighty (80) percent equity position by agreement to invest $1,100,000 in cash into Laborde Diagnostics as a capital contribution, by tendering a six (6) percent five (5) year $1,000,000 promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and issuing 200,000 shares of US Diagnostic common stock, of which 100,000 of such shares shall be held in escrow and released pending Laborde Diagnostics achieving certain minimum earnings in future years. In addition, Jeffrey Laborde, MD, President, Laborde Diagnostics, will remain under contract in his present capacity for a minimum of 10 years. Jeffrey Goffman, chairman, US Diagnostic, Inc. stated, ``Our management and legal team worked a long Valentines day to assure all concerned with US Diagnostic Labs of a timely closing. I believe our interest in this facility is a gift for all our shareholders.'' Robert Burke, MD, President, US Diagnostic stated, ``This is the first transaction we have closed with a center owned by a Radiologist. As such, it is in essence a partnership between US Diagnostic Labs and Dr. Jeffrey Laborde. Dr. Laborde will continue to have complete autonomy in the operation of the business and our full support. We are confident that this business will only grow in the future.'' Jeffrey Laborde, MD, President, Laborde Diagnostics stated, ``My partnership with US Diagnostic Labs assures my employees, our patients, and the Lafayette Medical Community that we are well positioned to continue to provide the highest quality imaging services for the long term. I will continue as always to supervise all aspects of our business and I look forward to our benefiting from US Diagnostic Labs national medical contracting.'' USDL completed a public offering of its securities on October 20, 1994, and is engaged in the acquisition of medical services facilities. It currently owns multi modality diagnostic facilities and a clinical laboratory. USDL is traded on the NASDAQ under the symbols: USDLU, USDL, USDW USDW Underground Source of Drinking Water , USDIZ, and Boston stock exchange The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. under UDL UDL Universal Design for Learning UDL Universitat de Lleida (Spain) UDL Universal Data Link UDL Urban Debate League UDL Uniformly Distributed Load (mechanics, building trade) UDL User Defined Logic . CONTACT: US Diagnostic Labs, Inc., West Palm Beach Jeffrey Goffman, 800/7-USDLAB or 407/832-0006 |
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