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PRIME MEDICAL SERVICES ANNOUNCES ACQUISITION OF TENNESSEE LITHOTRIPTERS OPERATIONS

 AUSTIN, Texas, Dec. 2 ~PRNewswire~ -- Prime Medical Services, Inc. ("Prime") announced today that it has signed a definitive asset purchase agreement to acquire one fixed lithotripter located in Nashville, Tenn. and three mobile lithotripters operating in Tennessee, Kentucky and Arkansas. The third mobile lithotripter was recently acquired and will begin operations in the near future. These lithotripters will be acquired by Prime in a tax free transaction involving 4,410,000 shares of common stock. The signing of a letter of intent had been previously announced on October 6, 1992.
 Consummation of the transaction is subject to, among other customary conditions, approval by the shareholders of Prime and the equity owners of the lithotripters. After consummation of the transaction, the equity owners of the lithotripters will own approximately 31 percent of the common stock and the current Prime shareholders will own approximately 69 percent. The transaction must be registered with the Securities and Exchange Commission and is expected to be consummated in mid-1993.
 Ken Shifrin, chairman of the board, stated, "The existing lithotripters (excluding the third mobile) should generate annual revenues of approximately $4 million and should have a positive impact on the future earnings of Prime. We have been very pleased with the performance of the lithotripter we licensed earlier this year in Alabama and believe this acquisition fits geographically with this operation."
 Prime Medical Services, Inc. is in the business of providing non- medical management services to lithotripsy, diagnostic imaging and cardiac rehabilitation centers.
 -0- 12~2~92
 ~CONTACT: Jackie Majors, president, 601-969-9193, or Cheryl McLeod, vice president, finance, 512-328-2892, both of Prime Medical Services, Inc.~


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

PS -- NY030 -- 2860 12~02~92 11:42 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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