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PRIME MEDICAL COMPLETES ACQUISITION OF TENNESSEE LITHOTRIPTERS

 AUSTIN, Texas, Oct. 18 /PRNewswire/ -- Prime Medical Services, Inc. (NASDAQ: PMSI) announced today that it has acquired four lithotripters following the approval of the acquisition by the partners of the three Tennessee partnerships that owned the lithotripters. These partnerships owned a stationery lithotripter in Nashville, Tenn. and three mobile lithotripters serving approximately 24 hospitals located in Kentucky, Tennessee, Alabama and Arkansas.
 Prime Medical issued approximately 4.4 million shares of its common stock to acquire this operation, resulting in total outstanding shares of approximately 14.4 million. Since the acquisition was effective as of July 1, 1993, it is expected to have a positive impact on the company's third quarter results. The four lithotripters generate combined annual revenues of approximately $4 million.
 "The successful completion of this acquisition represents an important milestone for Prime Medical," noted Jackie C. Majors, the company's president. "The delivery of quality, cost effective healthcare services has emerged as one of the most important challenges in the 1990s. These lithotripters, together with our existing lithotripter facility in Birmingham, Ala., are key elements of our strategy to focus on non-invasive medical applications that minimize patient expense. We believe that our current operations are a good foundation for continued expansion in the lithotripsy business, particularly in light of recent, more restrictive, federal and state, healthcare regulations regarding physician ownership of healthcare facilities."
 Prime currently has a letter of intent to acquire three mobile lithotripters based in Pennsylvania, West Virginia and Indiana. The company expects this acquisition to close by the end of 1993. Combined annual revenues for these lithotripters total approximately $5 million. Upon completion of this acquisition, Prime would operate a total of eight lithotripters in 11 states.
 Prime Medical provides non-medical management services for lithotripsy, diagnostic imaging and cardiac rehabilitation centers.
 -0- 10/18/93
 /CONTACT: Mr. Jackie Majors, president, 601-969-9193, or Cheryl McLeod, chief financial officer, 512-328-2892, both of Prime Medical Services, Inc./
 (PMSI)


CO: Prime Medical Services, Inc. ST: Texas, Nasville IN: MTC SU: TNM

TS -- NY087 -- 3577 10/18/93 16:43 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
Words:340
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