COII MISLEADING APRIL 7, 1992 PR - COII TO SELL 10 UNITS, BUY AND HOSPITAL
But COII never bought this hospital or sold the 10 units...
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Copyright 1992 PR Newswire Association, Inc.
PR Newswire
April 7, 1992, Tuesday
SECTION: Financial News
DISTRIBUTION: TO BUSINESS EDITOR
LENGTH: 336 words
HEADLINE: CTI SIGNS LETTER OF INTENT FOR ACQUISITION AND FINANCING
DATELINE: LAKE OSWEGO, Ore., April 7
BODY:
Computerized Thermal Imaging Inc. (CTI) (OTC Bulletin Board: COII) announced today that it has signed a letter of intent to acquire a medical center facility in Ohio, consisting of a profitable, operating hospital and property. The agreement signed also provides for financing to CTI which will net the company $2.5 million to purchase 10 computerized thermal imaging systems, of which at least one will be placed at the newly acquired medical facility. Escrow and final documents are scheduled to be signed before the end of April, following a review of all pertinent documents and receipt of a Preliminary Title Report.
The value of the hospital and related property is estimated at $8 million which, when confirmed, will qualify CTI to file a Form 10 with the Securities and Exchange Commission (SEC) applying for a listing on the NASDAQ Exchange or another national stock exchange.
David B. Johnston, president and chief executive officer, stated that "The completion of this acquisition and financing will constitute a major breakthrough for CTI, allowing the company to finance the installation of the first 10 systems ordered by hospitals around the country." Johnston further stated, "In addition, having the first installation at a medical facility owned by the company will provide an installed and operating site system for other hospitals to visit and examine results of performance activities, while providing the company with the asset base and operating revenues and profits to expand." Terms of the acquisition were not disclosed.
CTI is the first thermal imaging company to provide an objective diagnostic assessment tool that measures multiple parameters including facile enclosure of thermal features, statistical assessment of temperature distribution in the enclosed domains and the use of temperature gradient profiles used in diagnostic testing. CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for Computerized Thermal Imaging |
