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MEDCROSS INCREASES STAKE IN IMAGING UNIT TO IMPROVE PROFITABILITY

 MEDCROSS INCREASES STAKE IN IMAGING UNIT TO IMPROVE PROFITABILITY
 ST. PETERSBURG, Fla., June 10 /PRNewswire/ -- Medcross, Inc., (NASDAQ: MDCR) said today that it has acquired an additional 25 percent ownership interest in Medcross Imaging, Ltd., (MI) a limited partnership that provides mobile magnetic-resonance imaging services to health care facilities.
 Medcross President Robert M. Irvin said the company bought the interests in MI held by 27 different limited partners. Medcross, the general partner of MI, owned a 41.5 percent interest in MI prior to the purchases, including 100 percent of the voting interests, which it continues to retain.
 Irvin said the action is one of the first steps planned by Medcross to grow and increase profitability. He said that Medcross intends to continue growing by buying physician-owned diagnostic and clinical facilities. Irvin also said that Medcross soon will ask to be relisted on NASDAQ, the stock-trading unit of the National Association of Security Dealers. The company was delisted by NASDAQ in October, 1991.
 Medcross acquired its additional 25 percent ownership interest in MI for $42,750 in cash, $128,250 in unsecured promissory notes and 645,000 shares of Medcross common stock. The assets, liabilities, revenues and expenses of MI previously were reported in the consolidated financial statements of Medcross. The net book value of MI at April 30, 1992, was $1,034,211.
 The quarterly revenues, net operating profit and net income of MI for the last four quarters were:
 Quarters Ended
 3/31/92 12/31/91 9/30/91 6/30/91
 Net operating revenues $383,830 $363,559 $310,071 $241,835
 Net operating profit $178,722 $159,216 $134,298 $ 69,504
 Net income $144,084 $123,939 $ 96,865 $ 31,517
 -0- 6/10/92
 /CONTACT: Robert M. Irvin, president of Medcross, Inc., 813-521-1793/
 (MDCR) C ?Medcross, Inc. ST: Florida IN: HEA SU: TNM


AW -- FL003 -- 8659 06/10/92 08:40 EDT
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Publication:PR Newswire
Date:Jun 10, 1992
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