Las Vegas, NV - June 17, 2014 - Diagnostic Imaging International Corp. (OTCQB: DIIG) is pleased to announce that on June 16, 2014, the Company entered into an agreement with the owners of a mobile imaging company ("MIC") located in northern Florida. Pursuant to the terms of the acquisition agreement, the Company is to purchase all of the outstanding capital stock of MIC for an aggregate purchase price of $3,000,000, including $2,500,000 at closing and a note for $500,000 due 12 months after closing.
MIC had revenues of approximately $2,200,000 in 2013 and an adjusted EBITDA of almost $600,000. Upon closing, the additional revenue from the acquisition would increase DIIG annual revenues by almost 40%.
The transaction is subject to certain customary closing conditions, including, among other things, the satisfactory completion of the Company's due diligence review, the completion of a financial audit of the Clinic, which shall be acceptable to the Company, and the continued employment of specified personnel of the Clinic. Additionally, the acquisition of the Clinic may be abandoned by the Company at any time, in its sole discretion. The Company will have to obtain financing for the purchase price. Subject to the satisfaction or waiver of all closing conditions, and obtaining the necessary financing, the Company expects to close the transaction by July 31, 2014.
To find out more about Diagnostic Imaging International Corp. (OTCBB: DIIG), visit our website at www.diig.biz. Or contact the Company directly at (877) 331-3444.
Diagnostic Imaging International Corp. ("DIIG") is engaged in providing comprehensive medical diagnostic imaging services to clients in the United States and Canada through its wholly owned subsidiaries: Custom Teleradiology Services, Inc. ("CTS") and Schuylkill Medical Imaging (SMI). Founded in 2004, CTS is a leading provider of expert remote reading and reporting of medical diagnostic imaging scans for rural hospitals, clinics and referring physicians. SMI is the premier outpatient diagnostic imaging facility serving patients in Schuylkill County, Pennsylvania; and has provided high quality medical diagnostic imaging services to the region for more than 11 years. For more information, please visit www.diig.biz.
This news release includes forward-looking statements that reflect Diagnostic Imaging International Corp.'s current expectations about its future results, performance, prospects and opportunities. Diagnostic Imaging International Corp. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward-looking statements are based on information currently available to Diagnostic Imaging International Corp. and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities in the remainder of 2012 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.