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Prime Medical Services, Inc. Invests in Three Lithotripters

AUSTIN, TX, Nov. 26 /PRNewswire/ -- Prime Medical Services, Inc. ("Prime") (NASDAQ NNM: PMSI), announced today that it has increased its ownership interest in Fayetteville Lithotripters Limited Partnership - South Carolina II and acquired an interest in Carolina Lithotripsy. These partnerships operate three lithotripters.

Prime acquired an additional 12 percent interest in Fayetteville Lithotripters Limited Partnership - South Carolina II, which it manages as the General Partner. Prime, which had previously owned 20 percent of this partnership, will now own a 32 percent interest of this partnership. Prime also acquired a 4 percent interest in Carolina Lithotripsy, which it has managed since 1989. Prime paid a total of $1.8 million for these acquisitions.

Dr. Joseph Jenkins, president, stated "The South Carolina II partnership was developed in 1989 and now services eight hospitals in North and South Carolina. With our physician partners who own the remaining 68 percent, we will continue to operate one mobile lithotripter providing state of the art lithotripsy services to North and South Carolina. Although we have managed Carolina Lithotripsy since 1989, we have not previously held an equity position in the partnership. Our physician partners still own the remaining 96 percent of the partnership, which operates two lithotripters in North Carolina."

Ken Shifrin, chairman, added "These two acquisitions are the second and third partnerships which we have recently increased our ownership. We are holding similar discussions with other partnerships and are hopeful that we will complete several other transactions in the near future."

Lithotripsy is a cost effective, non-invasive method for treating kidney stones through the use of extracorporeal shock waves which pulverize kidney stones and permit them to pass painlessly from the body. Prime Medical is the largest operator of lithotripters in the United States, currently treating over 32,000 patients annually, through contracts with approximately 400 hospitals and 255 managed care companies. Prime Medical operates a fleet of 55 lithotripters in 31 states.

SOURCE Prime Medical Services, Inc.
 -0- 11/26/96

/CONTACT: Kenneth S. Shifrin, chairman, or Cheryl Williams, vice president of finance, both of Prime Medical Services, Inc., 512-329-2892./


CO: Prime Medical Services, Inc.; Fayetteville Lithotripters Limited

Partnership - South Carolia II; Carolina Lithotripsy ST: Texas IN: MTC SU: TNM

GW -- NYTU042 -- 4244 11/26/96 09:38 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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