Las Vegas, NV - September 2, 2014 - Medical Imaging Corp. (OTCQB: MEDD) is pleased to announce that on August 28, 2014, the Company entered into an agreement with the owners of three imaging centers located in central Florida. Pursuant to the terms of the acquisition agreement, the Company is to purchase all of the outstanding capital stock of the centers for an aggregate purchase price of $1,800,000.
The centers had revenues of approximately $2,800,000 in 2013 and an adjusted EBITDA of almost $550,000. Upon closing, the additional revenue from the acquisition would increase MEDD annual revenues by almost 50%.
The transaction is subject to certain customary closing conditions, including, among other things, the satisfactory completion of the Company's due diligence review and the completion of a financial audit. Additionally, the acquisition 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 October 31, 2014.
To find out more about Medical Imaging Corp. (OTCBB: MEDD), visit our website at www.medimagingcorp.com or contact the Company directly at (877) 331-3444.
Headquartered in Las Vegas, Medical Imaging Corp. ("MEDD") is engaged in providing comprehensive medical 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.medimagingcorp.com
This news release includes forward-looking statements that reflect Medical Imaging Corp.'s current expectations about its future results, performance, prospects and opportunities. Medical Imaging 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 Medical Imaging 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 2015 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.