ALLIANCE IMAGING ANNOUNCES STRATEGIC ACQUISITION
ALLIANCE IMAGING ANNOUNCES STRATEGIC ACQUISITION LA PALMA, Calif., Feb. 27 /PRNewswire/ -- Alliance Imaging, Inc.
(NASDAQ: SCAN) announced today that it has agreed to acquire Atlantic/Gulf Magnetic Imaging Consortium, Inc., a provider of shared- user MRI services based in Macon, Ga. Richard N. Zehner, chairman, president and chief executive officer of Alliance, stated that the acquisition of Atlantic/Gulf is part of Alliance's strategic growth plan and will result in the addition of nine MRI units to Alliance's current base of 57 MRI units operating in 18 states. In addition, the acquisition will provide expansion into seven states not currently served by Alliance. Atlantic/Gulf's delivery of quality services to its hospital customers will not be interrupted as the company (which will become a wholly-owned subsidiary of Alliance) will continue to be managed by current personnel headed by Neil M. Cullinan, president.
Atlantic/Gulf's chairman, Dr. Joe Sam Robinson Jr., will become a director of Alliance Imaging after the closing of the acquisition. Robinson noted that the merger with Alliance will provide Atlantic/Gulf with greater access to capital to enable it to continue its market penetration in the southeast and to offer its hospital clients an enhanced ability to expand into full-time MRI services. Terms of the agreement call for the issuance of approximately 703,000 common shares of Alliance Imaging (subject to adjustment in certain circumstances) and payment of $324,000 in cash for all the outstanding stock of Atlantic/Gulf. The agreement is subject to certain conditions, including the satisfactory completion of due diligence by both parties. Management expects the acquisition to be nondilutive to fiscal 1992 earnings per share. Alliance Imaging is a leading provider of comprehensive MRI services to hospital and other health care providers. Services are provided on both a mobile, shared-user basis as well as on a full-time basis to single customers. The company currently operates 57 MRI units and six CT units nationwide. -0- 2/27/92 /CONTACT: Vincent Pino, executive vice president of Alliance Imaging, 714-670-1479/ (SCAN) CO: Alliance Imaging Inc.; Atlantic/Gulf Magnetic Imaging Consortium Inc. ST: California, Georgia IN: HEA SU: TNM
SH -- NY035 -- 3218 02/27/92 11:23 EST
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|Date:||Feb 27, 1992|
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