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Biotech / Medical : Prime Medical Systems, Inc.(PMSI)
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From: Thomas Kirwin11/12/2006 9:23:39 AM
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Prime Medical buys Medstone International

Los Angeles Business from bizjournals - February 20, 2004
Austin, Texas-based Prime Medical Services Inc. wrapped up its purchase of Aliso Viejo-based Medstone International Inc., a lithotripsy equipment manufacturer and service provider, in a stock deal valued at nearly $18.3 million.

Shareholders of the two companies overwhelmingly approved the deal, according to a Prime Medical statement issued Friday.

Medstone International has more than 130 lithotripters -- used to treat kidney stones -- and more than 325 urology and patient handling tables in use. The company has about $16.5 million in net working capital and no long-term debt, according to Prime Medical.

For the year ended Sept. 30, Medstone posted revenue of $21 million.

Medstone shareholders will receive 0.9559 shares of Prime Medical common stock for each share of Medstone common stock they held, equivalent to $5 of Prime Medical stock. About 3.65 million Prime Medical shares are being distributed to Medstone shareholders.
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