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

To: myelin2 who wrote (462)	7/7/1998 10:55:00 AM
From: myelin2	Read Replies (1) \| Respond to of 570

NEWS OUT This aquisition will add to the EPS very well! ====================================================================== Monday July 6, 4:10 pm Eastern Time Company Press Release Medical Industries of America Acquires $3.2 Million Integrated Pain Centers in Virginia BOYNTON BEACH, Fla.--(BW HealthWire)--July 6, 1998--Medical Industries of America Inc. (NASDAQ:MIOA - news) announced Monday that it has signed an agreement to acquire privately held Valley Pain Centers of Virginia (VPC), currently owned and operated by David S. Klein, M.D., P.C., and which is one of the nation's largest integrated pain groups with over 15,000 patient visits annually. With offices located in Roanoke, Charlottsville, Staunton and Harrisburg, Va., VPC delivers sophisticated interventional pain services in the office setting at significantly lower cost than similar practices which are largely hospital-based. The terms and conditions of the acquisition provide for MIOA to pay VPC $3.3 million in stock, paid out over a three year period and conditioned upon a minimum of $1.1 million in annual earings being achieved each consecutive year. VPC reported over $3.2 million in sales for fiscal year 1997 with net earnings of approximately $1.1 million. According to Michael Morrell, chairman and CEO of Medical Industries: ''Through our wholly owned subsidiary Ivanhoe Medical Systems, Medical Industries will be offering a first in medical treatment while creating an extremely cost-efficient and profitable enterprise for the company. By day, VPC will offer integrated pain treatment services, while at night, Ivanhoe Medical Systems will manage sleep disorder diagnostic and treatment clinics at the same centers. This dual use of these high-trafficked facilities to treat two associated ailments is yet another example of the innovative integration of medical ancillary services which MIOA has adopted.'' VPC President David S. Klein, M.D. added that, ''The field of pain medicine and sleep medicine diagnostics are a synergistic fit poised for rapid growth. The complaint of pain is the most common symptom bringing patients to seek medical attention, and sleep disorders are extremely common among patients with pain disorders.'' Medical Industries intends to duplicate this office-based, integrated formula in other areas of the country and ultimately emerge a national leader in the integrated ancillary services of interventional pain and sleep disorders. Medical Industries of America operates medical ancillary services businesses, multi-specialty medical group practices and is expanding 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, as well as air ambulance services, pain rehabilitation and sleep centers and comprehensive pharmaceutical and high tech infusion services, in addition to physician practice management and billing. As previously reported, Medical Industries is also in the process of merging its business with privately held Physician Health Corp., an Atlanta-based, fully integrated, physician ancillary services company which partners with over 170 physicians, manages networks composed of over 4,000 physicians in PHC's key markets and operates medical ancillary companies in partnership with physicians. The merger is subject to final approval by the company's shareholders. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. Contact: Medical Industries of America Inc., Boynton Beach Linda Moore, 561/737-2227 or Continental Capital & Equity Corp. Dodi Zirkle, 407/682-2001 dodi@insidewallstreet.com