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Medical Resources, Inc. Completes New York Imaging Center Acquisitions

HACKENSACK, N.J., Nov. 26 /PRNewswire/ -- Medical Resources, Inc. (Nasdaq: MRII) announced today that it has completed the previously announced acquisition of two magnetic resonance imaging centers on Long Island, New York. The Company acquired centers located in Garden City and East Setauket, New York for $6.4 million payable in a combination of $1.9 million in cash and $4.5 million of common stock. Medical Resources now operates a total of 38 imaging centers, including 16 in the New York/New Jersey market.

Commenting on the acquisition, William D. Farrell, President and Chief Operating Officer of Medical Resources, stated, "We are very pleased to add the OPEN MRI at Garden City and the OPEN MRI at Smith Haven to our regional concentration of centers in the New York market. These sites complement our existing Centereach, Long Island facility, which was acquired during July. The newly acquired centers generated approximately $4.1 million in aggregate net revenues during the latest twelve months and are expected to be accretive to future earnings per share. We are continuing to pursue other attractive diagnostic imaging acquisition opportunities."

Medical Resources specializes in the operation and acquisition of diagnostic imaging centers. The Company currently operates 38 imaging centers in the Northeast (20), Florida (12) and the Chicago area (6) and provides network management services to managed care organizations in these regions. Also, through its subsidiary StarMed Staffing, the Company provides temporary healthcare staffing to acute and sub-acute care facilities nationwide.

SOURCE Medical Resources, Inc.
 -0- 11/26/96

/CONTACT: William D. Farrell, President and Chief Operating Officer of Medical Resources, Inc., 201-488-6230; or Betsy Brod or Alex Gleeson, Investor Relations, both of Morgen-Walke Associates, 212-850-5600/


CO: Medical Resources, Inc.; New York Imaging Center ST: New Jersey IN: MTC SU: TNM

DC -- NYTU030 -- 4158 11/26/96 08:00 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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