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PRIME MEDICAL SERVICES ANNOUNCES LITHOTRIPTER INVESTMENT AND TWO ADDITIONAL BOARD MEMBERS

 PRIME MEDICAL SERVICES ANNOUNCES LITHOTRIPTER INVESTMENT
 AND TWO ADDITIONAL BOARD MEMBERS
 AUSTIN, Texas, June 24 /PRNewswire/ -- Prime Medical Services, Inc. (Prime) (NASDAQ: PMSI) announced today that it has signed a license agreement with Alabama Renal Stone Institute, Inc. (ARSI), effective on April 1, 1992 for the use of the lithotripter facilities located in Birmingham, Ala. The license is for an initial term of 10 years, with an option to renew for an additional 10 years, subject to early termination under certain circumstances. Prime has paid ARSI a one-time license fee consisting of $1 million, 1.5 million shares of Prime common stock and two non-interest bearing promissory notes in the aggregate principal amount of $593,750.
 As an additional inducement to ARSI, American Physicians Service Group, Inc., a major shareholder of Prime, has issued options to ARSI to purchase 475,000 shares of Prime common stock at a price of $1.25 per share. In addition to the license agreement, Prime has entered into a management agreement, under which ARSI will continue to manage the center.
 Ken Shifrin, chairman of the board stated, "I am pleased to announce that Dr. A. Derrill Crowe and Paul R. Butrus have been added to the board of directors of Prime. Dr. Crowe, a physician specializing in urology, has an excellent medical and business background. Dr. Crowe is also president and medical director of ARSI. Butrus has a broad business background, especially in providing management services for medical related enterprises and is also the executive vice president of ARSI."
 Jackie Majors, president of Prime added, "The lithotripter, which is utilized for the non-invasive disintegration of kidney stones, has been in operation since 1985 and will continue to be managed under the able leadership of Dr. Crowe and Butrus. In addition to our active research for acquisitions of diagnostic imaging centers, Prime is also seeking opportunities for the acquisition of lithotripters."
 Prime Medical Services, Inc. is in the business of owning and providing non-medical management services to diagnostic imaging, cardiac rehabilitation and lithotriptsy centers.
 -0- 6/24/92
 /CONTACT: Ken Shifrin, chairman of the board, or Jackie Majors, president of Prime Medical Services, 512-328-2892/
 (PMSI) CO: Prime Medical Services Inc. ST: Texas IN: HEA SU: PER


TS -- NY012 -- 3185 06/24/92 09:59 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:380
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