TORONTO, Dec. 1 /CNW/ - PRISM MEDICAL LTD. (TSX-V:PM) ("Prism") today announced that it has completed the acquisition of a UK distributor of moving and handling equipment and services for the mobility impaired effective Dec 1, 2009. The acquisition cost was $1.2m which was satisfied by a cash payment of $0.7m and deferred payments in the amount $0.5m. The deferred payments are repayable over 3 years together with interest at 7% over a term of 3 years.
The company supplies, installs, services and maintains a wide variety of equipment including ceiling lifts, floor lifts, stair lifts and through floor lifts into the home care and long term care channels.
The 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 product and services for our customers in the UK. The acquisition is expected to be accretive to earnings in the coming fiscal year and will increase our ability to provide high levels of customer service in the UK and strengthen Prism's ability to execute its strategic plans."
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.
SOURCE Prism Medical Ltd.
For further information: For further information: William G. Edwards, Chief Financial Officer, Prism Medical Ltd., Tel: (416) 260-2145 (Ext. 230), firstname.lastname@example.org