Mobile P.E.T. Systems Inc. Secures $10 Million
Financing from FINOVA
SAN DIEGO--(BW HealthWire)--March 11, 1999--Mobile P.E.T. Systems Inc. (OTC BB:MBPT), the first company to offer mobile Positron Emission Tomography (P.E.T.) technology, announced today the closing of a $10 million financing agreement with FINOVA Capital Corp.'s Healthcare Finance division.
This line of credit covers the company's purchase of five Siemens ECAT® EXACT(TM) P.E.T. Systems that are integrated into
specially designed mobile units on order from Calumet Coach.
''The financing provides MBPT with capital for equipment acquisition, as outlined in the company's business plan,'' said Paul Crowe, president of Mobile P.E.T. Systems Inc. ''This capital enables MBPT to sustain its growth in 1999, and meet corporate objectives. FINOVA has continued to show keen interest in and expansion of MBPT's operations.''
''We are pleased to provide Mobile P.E.T. Systems Inc., with the capital they need to execute their growth strategy,'' said Rich
Sutton, senior vice president and division manager of the Healthcare Finance Division of FINOVA Capital Corp. ''This is a perfect example of the type of relationship that FINOVA seeks to support -- a well-managed, extremely focused and growth-oriented company with sound economic fundamentals.''
About The FINOVA Group Inc.
The FINOVA Group Inc. (NYSE:FNV - news), through its principal operating subsidiary, FINOVA Capital Corp., is one of the
nation's leading financial services companies focused on providing a broad range of capital solutions primarily to midsize business.
FINOVA is headquartered in Phoenix with business development offices throughout the U.S. and in London, U.K., and Toronto, Canada. FINOVA was recently named one of FORTUNE's ''Best 100 Companies To Work For In America.''
Mobile P.E.T. Systems Inc. (MBPT)
MBPT's service brings advanced P.E.T. imaging technology to hospitals that may not have sufficient patient volumes to purchase their own equipment. The contract arrangement safeguards hospitals from financial exposure and technological obsolescence. MBPT's configuration provides a mobile coach which integrates advanced P.E.T. imaging equipment and the technician necessary to provide diagnostic P.E.T. services. The service is made available to medical institutions on a negotiated contractual basis.
Positron Emission Tomography (P.E.T.) Technology
Positron Emission Tomography (P.E.T.) is an advanced imaging technique that assists in the diagnosis and management of numerous diseases. By producing images of the body based on functional rather than anatomic characteristics, P.E.T. shows the progress of a disease and how the body responds to treatment. P.E.T. scan images go beyond the gross anatomy and structure revealed by conventional x-rays, CT, or MRI scans, and can uncover abnormalities that might otherwise go undetected.
Physicians may then apply the most appropriate treatment for the detected disease. For example, P.E.T. can detect tumors
unseen by other imaging techniques, or detect Alzheimer's Disease one to two years before the diagnosis would be made
clinically.
To learn more about MBPT, visit our Web site at www.mobilepet.com.
Learn more about FINOVA at www.finova.com.
Certain information included in this communication (as well as information included in oral statements or other written statements
made or to be made by Mobile P.E.T. Systems Inc.) contains statements that are forward-looking, such as statements relating to
the future anticipated direction of the health care industry, plans for future expansion, various business development activities,
planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These forward statements
are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ
materially from those anticipated.
Contact:
Mobile P.E.T. Systems Inc.
Paul Crowe, 619/226-6738, Fax: 619/226-6889
admin@mobilepet.com
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