Added some FONR today on news
Tuesday June 30, 8:31 am Eastern Time
Company Press Release
FONAR Announces $3 Million in New Orders for
MRI Scanners
MELVILLE, N.Y.--(BUSINESS WIRE)--June 30, 1998--FONAR Corporation
(NASDAQ:FONR - news), a leading maker of magnetic resonance imaging
(MRI) scanners used in medical diagnosis, announced today that the company
has received two orders valued at $3 million for its QUAD 12000 (tm) MRI
scanners. The first order, for a QUAD scanner to be placed at an outpatient
center in Texas, includes a two-year service contract and is valued at $1 million.
The second order is to be placed in one of the largest hospitals in Spain. Sol
Ginzburg, FONAR's International Sales Director, said, ''The hospital previously
purchased a competitor's 0.35 Tesla (T) open MRI system. When they learned
about the QUAD 12000 last year, they began the process to purchase one of our
MRI scanners as well and we expect to begin installing the system soon. The
contract, which includes a 15-year technical servicing agreement, is valued at
more than $2 million and will bring to 20 the number of QUAD scanners sold.''
The QUAD 12000 is the world's first high-field open scanner and provides
high-resolution imaging. Unlike the ''tunnel'' MRI's commonly in use, the open
design is more patient-friendly. It also allows increased patient throughput,
reduces scan charges and permits interventional MRI. At 0.6 T, the field strength
of the QUAD 12000 magnet is the highest of any open system currently
available. It operates at twice the field strength of its closest competitor and is
2.8 times the average field strength of all modern open MRI scanners in the
market. In addition, the QUAD provides improved image quality and high speed
imaging at costs that are significantly less than competitive products.
FONAR, whose founder and CEO Dr. Raymond Damadian holds the world's
first patent on MRI scanning, is a leading maker of MRI scanners used in
medical diagnosis. The company introduced the world's first commercial MRI
scanner in 1980 and is the originator of the iron-core non-superconductive and
permanent magnet technology. FONAR's subsidiary, U.S. Health Management
Corporation (HMC) is engaged in the physician practice management business.
Additional product and investor information can be found on the company's
website - fonar.com.
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:
Fonar Corporation, Melville
David Terry, 516/694-2929
or
Porter, LeVay & Rose, Inc., New York
Martin Skala, VP
Bill Gordon, Sr. VP
212/564-4700
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