Thursday July 3 8:33 AM EDT
Company Press Release
Prime Medical Services, Inc. Announces Acquisition of Two
Lithotripters
AUSTIN, Texas--(BUSINESS WIRE)--July 3, 1997--Prime Medical Services, Inc. (Nasdaq/NM:PMSI) announced today
that the company has acquired the stock of Executive Medical Enterprises, Inc., (``EME''), which operates one mobile
lithotripter in California and Oregon and one fixed site lithotripter in Washington.
These lithotripters generate approximately $1.0 million in annual revenues. The purchase price for this acquisition was
$1,339,000 in cash paid at closing and future payments based upon the annual revenues of these operations during the next
two years. Additionally, the agreement provides Prime with an opportunity to acquire a mobile lithotripter operating in
Washington at a later date based on the occurrence of certain events.
Dr. Joseph Jenkins, president, stated, ``This acquisition is an ideal fit with our existing operations in California and
Washington and provides us with an opportunity to expand our operations in the northwest. EME serves 11 hospitals, and
Prime currently serves approximately 90 hospitals in California and Washington.''
Lithotripsy is a cost-effective, non-invasive method for treating kidney stones through the use of extracorporeal shock waves,
which pulverize kidney stones and permit them to pass painlessly from the body. Prime Medical is the largest operator of
lithotripters in the United States, currently treating over 36,000 patients annually, through contracts with approximately 400
hospitals and 255 managed care companies. Prime Medical operates a fleet of 58 lithotripters in 32 states. Prime is also
developing mobile Prostatron(R) routes to provide services to hospitals and surgery centers to treat benign prostatic
hyperplasia (BPH).
For more information, visit Prime's website at www.primemedical.com . |
