Prevention Insurance Company Enters Late Stage Discussions to Acquire a National Group of Diagnostic Imaging Centers
Posted on: Wednesday, 28 June 2006, 15:00 CDT
Prevention Insurance (OTCBB: PVNC) is pleased to announce late stage discussions to acquire a national group of diagnostic imaging centers. Prevention believes this will provide a nationwide platform to build a larger holding company and intends to pursue additional strategic acquisitions from within this industry.
Pending approval from the Board of Directors of both companies and if financing is completed, the transaction will close within 90 days. The transaction value is approximately $16 million and will produce revenues in excess of $20 million with a projected income of $3 million. The centers utilize MRI and Cardiac CT Technology. These are the main diagnostic tools used by physicians to diagnose and treat cancer, heart disease and numerous other medical conditions.
Scott Goldsmith, the President and CEO of Prevention Insurance commented that, "we believe that with an aging population that diagnostic imaging centers will continue to be a high growth, high profit industry for the foreseeable future. Prevention had agreed to be acquired by H. I. Imaging earlier this year, however, they failed to provide proof of financing in the allotted time period. We have elected to pursue our own acquisition strategy and build shareholder value through acquisitions in the MRI and PET areas."
About Prevention Insurance:
Prevention Insurance is a public insurance holding company whose strategic focus is to acquire companies or ventures in the diagnostic imaging center industries. Prevention Insurance was founded in 1999 and is a holding company that also plans on building an international group of imaging centers.
Safe Harbor Statement:
Forward-looking statements and comments in this news release are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements regarding potential future plans and objectives of Prevention Insurance are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond Prevention Insurance's control. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially depending on many factors, including those described above. Prevention Insurance cautions that historical results are not necessarily indicative of the company's future performance.
Contact: Prevention Insurance Scott Goldsmith (702) 732-2758 Contact via http://www.marketwire.com/mw/emailprcntct?id=77C2DA9D956E2087
SOURCE: Prevention Insurance Company
Source: MARKET WIRE
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