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Biotech / Medical : Medical Industries Of America, MIOA -- Ignore unavailable to you. Want to Upgrade?

To: Jamessmith who wrote (384)	10/29/1997 3:22:00 PM
From: lostmymoney	Read Replies (1) \| Respond to of 570

Wednesday October 29 1:01 PM EST Company Press Release Medical Industries of America Inc. Completes Acquisition of Pain Rehabilitation Network BOYNTON BEACH, Fla.--(BW HealthWire)--Oct. 29, 1997--Medical Industries of America Inc. (NASDAQ:MIOA) announced Wednesday that it has officially completed the acquisition of PRN of North Carolina, d/b/a Pain Rehabilitation Network (PRN), a Florida-based private corporation operating 10 pain management centers in North Carolina and one in South Carolina. As previously announced, the terms and conditions of the acquisition provide for an ''earn-out'' financing package, whereby PRN will be entitled to receive up to one million Rule 144 shares of MIOA common stock based on paying 125,000 shares of common for each million dollars of pre-tax profits over the next three years. Plans to aggressively expand PRN are underway. Currently, PRN is tracking revenues for 1997 of approximately $700,000 with net income of approximately $150,000. Michael Morrell, chairman and CEO of Medical Industries of America, stated: ''On behalf of the Board of Directors, I am delighted to welcome the team from Pain Rehabilitation Network aboard Medical Industries of America. PRN brings to the organization tremendous assets, a substantial presence in a dynamic and growing niche of the medical industry, and enhanced revenue and earnings possibilities. We look forward to the future of our consolidated companies with great enthusiasm and anticipation.'' Pain Rehabilitation Network specializes in medical planning, design, management, and consulting services to the medical industry. Headquartered in Maitland, Fla., the company has developed a proprietary program for pain management and the rehabilitation of muscular dysfunctions. Each PRN center contains state-of-the-art, patent-protected medical equipment which meets all FDA requirements - most of which is privately labeled for PRN. PRN shall continue its commitment to ongoing product research and development in the areas of new and improved protocols, more technologically advanced equipment, and refinement of its comprehensive corporate support program consisting of telemarketing, an electronic appointment and referral system, mass media advertising, billing assistance, patient education programs and several sophisticated proprietary medical and computer software packages. Medical Industries of America Inc., through its wholly owned subsidiary, Florida Physicians Internet Inc., operates a multi-specialty medical group practice that is rapidly expanding in the areas of physician practice management. The company also provides diagnostic and therapeutic healthcare services to the surgical and medical community through its mobile cardiac catheterization services to hospitals primarily in the State of Florida.