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Wednesday October 15 8:30 AM EDT
Company Press Release
Medical Industries of America Inc. to Provide Cardiac Cath Lab Training, Supplies and Support to Pakistan
BOYNTON BEACH, Fla.--(BW HealthWire)--Oct. 15, 1997--Medical Industries of America Inc. (NASDAQ:MIOA) announced Wednesday that it has entered into a letter of intent with AMRO-PAK Medical Services, a medical services company based in Karachi, Pakistan, to provide personnel training, medical supplies and on-going support of cardiac catheterization labs scheduled for delivery to Pakistan within four months.
Under the guidance of Medical Industries' medical management team led by Dr. A. Razzak Tai, MD, FACCP, ACCP, MRCP, AMRO-PAK has agreed to purchase two fully-loaded, state-of-the-art, cardiac cath lab facilities which shall serve the medical communities of Karachi and Lahore, two dynamic metropolitan cities in Pakistan.
Pursuant to this agreement, AMRO-PAK will send Pakistani medical personnel to Medical Industries' South Florida offices to undergo a comprehensive training program, whereby they will learn to effectively operate and support a cardiac catheterization lab facility under the same standards set by the American Hospitals from the Joint Commission on Accreditation of Hospitals (JCOAH). Additionally, Medical Industries will supply the Pakistan-based cath lab facilities with all associated medical supplies for a three year period. Aside from a 6% fee for the management of the cath labs and the on-going revenue expected from the sale of cath lab supplies and materials, Medical Industries will receive an additional fee for every cardiac catheterization procedure performed in these labs for a period of three years. Based on an estimated 10,000 procedures which are expected to be accomplished over the life of the agreement, Medical Industries of America looks to generate an additional $500,000 in net income from this undertaking.
Michael Morrell, chairman and CEO of Medical Industries, stated: ''This agreement may present several very interesting opportunities for the company in the future. Understanding that heart disease is not unique to the United States, the result of our introducing this technology into certain areas of the world may prove to be an exciting and incredibly lucrative new venue for Medical Industries. Presuming this initial foray abroad proves successful, we intend to aggressively expand and enhance our international presence by targeting similar situations which currently exist in the global medical community.''
Medical Industries of America Inc. operates several multi-specialty medical group practices and is rapidly expanding in the areas of physician practice management and in the delivery of diversified medical technologies, products and services. The company also provides diagnostic and therapeutic healthcare services to the surgical and medical community through its mobile cardiac catheterization services to hospitals and physician practices primarily in the State of Florida.
500,000 revenues over 3 years doesn't seem like much, but better than no revenue. Looks like websight insidewallstreet may have put this out for MIOA.
Mike
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Contact:
Medical Industries of America
Linda Moore, 561/737-2227
or
Continental Capital & Equity Corp.
Dodi Zirkle, 407/875-1110
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