Monday April 28 6:01 AM EDT
FONAR reports sales of high-field open MRI scanners
MELVILLE, N.Y.--(BUSINESS WIRE)--April 28, 1997--April 28, 1997-- FONAR Corporation (FONR-NASDAQ)
announced today that two more of their QUAD (tm) 12000 high-field open MRI scanners have been sold. One of
the new scanners will be installed in the northeast and the other will replace an older FONAR unit in Asia.
Installations of these machines will take place in the second half of 1997. The total value of these two sales,
including service contracts, is approximately $2,500,000.
The FONAR QUAD 12000 is the world's first and only high-field open MRI. The revolutionary QUAD scanner
has both the power of the common "tunnel" MRIs and the patient-friendly, non-claustrophobic comfort open
MRI.
The Company expects its in-process QUAD installations in Ohio, Pennsylvania, Puerto Rico, and Asia to be
completed during the current quarter. Shipments of the two additional scanners will commence in the next few
weeks -- one to Indiana, another to Asia.
The Company anticipates that current customers with multiple orders will request their second scanner by fall. A
Company spokesperson stated, "We also expect sales from our new sales distributorship, National Imaging
Resources (NIR), to start rolling in at any time now. As a rule, the sales cycle of most large ticket items, such as
MRI scanners, is 6-10 months. NIR, which employs over 200 sales professionals, has been working with us since
the beginning of the year. We are projecting 30 QUAD sales from NIR this calendar year."
To meet anticipated orders, FONAR has added nearly 30,000 square feet of factory space, where it is building a
state-of-the-art manufacturing center. This new facility will be operational in May and will reach full capacity
shortly thereafter.
FONAR Corporation is a leading manufacturer and developer of magnetic resonance imaging (MRI) scanners.
The Company product line includes the QUAD(tm) 12000 and the QUAD(tm) 7000 whole-body MRI scanner.
R&D Works-in-progress include the world's first STAND-UP(tm) MRI and an MR mammography scanner.
FONAR is the holder of the world's first MRI patent (Cancer Detection Patent) and many other MRI patents. The
Company has been successful enforcing its patents and other intellectual property rights.
Be sure to visit FONAR's WEB site, fonar.com for Company product and investor information.
This release may include forward-looking statements from the company that may or may not materialize.
Additional information on factors that could potentially affect the company's financial results may be found in
the company's filings with the Securities and Exchange Commission.
CONTACT: David Terry
Telephone: 919/847-9535
Fax: 919/676-8629 |
