Prism Medical Ltd today announced that it has completed the acquisition of a UK supplier of moving and handling services for the mobility impaired effective June 30, 2009.
Vaughan, ON, August 01, 2009 -- PRISM MEDICAL LTD. (TSX-V:PM) (“Prismâ€) today announced that it has completed the acquisition of a UK supplier of moving and handling services for the mobility impaired effective June 30, 2009. The acquisition cost was $1.4m which was satisfied by a cash payment of $0.6m and deferred payments in the amount $0.8m. The deferred payments are repayable over 3 years together with interest at 7% over a term of 3 years.
The company services and maintains a wide variety of equipment including ceiling lifts, baths and beds into both long term care and acute care facilities.
The former owner and key management of the distributor have entered into employment contracts and will continue to be responsible for the day to day operations.
Andrew A. McIntyre, Chairman and CEO of Prism stated, “The acquisition continues our expansion into the provision of services for our customers. The acquisition is expected to be accretive to earnings in the current fiscal year and will strengthen Prism‘s ability to execute its strategic plans.â€
About Prism:
Prism Medical Ltd. is a provider of durable medical equipment and related services to the mobility disadvantaged in Canada, the U.S.A. and the United Kingdom. While Prism's history dates back to 1996, Prism's subsidiaries and divisions have been servicing the mobility disadvantaged since the mid 1980s in their homes, long-term care facilities and acute care facilities. Prism includes Waverley Glen and ErgoSafe Products, North America's premier lifting & handling equipment and repositioning aid manufacturer with distribution across Canada and the U.S., Westholme and Care Free Lifting & Handling, leading distributors of moving and handling products in the UK, and Freeway Health Care, a UK-based manufacturer of ceiling hoists and shower chairs.
Forward-looking Information:
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
Contact:
William G. Edwards
Chief Financial Officer
Prism Medical Ltd
Vaughan, ON
Tel: (905) 850-0093 ext. 242
Fax: (905) 850 0061
[email protected]
http://www.prismmedicalltd.com