TORONTO, April 18 /CNW/ - Prism Medical Ltd. ("Prism Medical" or "the
Company") (TSXV: PM), a leading provider of durable medical equipment
and related services to the mobility disadvantaged, today announced the
acquisition of Movement 2 Ltd. ("Movement 2"), a provider of home care
patient moving and handling equipment, servicing and repair in the East
Midlands region of the UK.
The total consideration paid for the acquisition was £0.8 million
(approximately $1.3 million). Under the terms of the agreement, Prism
Medical has paid £0.4 million (approximately $0.64 million) in cash and
issued £0.4 million (approximately $0.64 million) of 7% notes,
repayable over 3 years. The transaction is expected to be accretive in
the first year of ownership.
Movement 2 supplies a wide range of products including ceiling track
hoists, floor hoists, shower chairs, and slings. Following the
completion of the acquisition, Movement 2 will become the Midlands
service centre for Prism Medical.
"By combining the Movement 2 service engineering teams with our existing
teams, we will have more than 80 highly skilled service and
installation engineers throughout the UK," said Andrew A. McIntyre,
Chairman and Chief Executive Officer of Prism Medical Ltd. "Patients
and caregivers will benefit from both the resources of a large national
company, along with local and personalized service."
About Prism Medical Ltd.
Prism Medical Ltd. is one of the largest providers and manufacturers of
durable medical equipment and related services to the mobility
challenged in Canada, the US and the UK, with more than 200,000
installations. The Prism Medical brands include Waverley Glen and
ErgoSafe, North America's leading supplier of lifting, handling and
repositioning aid products and services across Canada and the US.
Freeway and Prism Service & Repair are leading suppliers of moving and
handling products and services in the UK.
This document contains forward-looking statements relating to our
operations and to the environment in which we operate and our strategy,
action plans and investments, which may involve estimates, forecasts
and projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult to
predict and/or are beyond our control. A number of important factors
could cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements. These factors include
those set forth in this report and our other public filings.
Consequently, readers should not place any undue reliance on such
forward-looking statements. These forward-looking statements are made
as of the date of this report. Prism Medical is under no obligation to
update any forward-looking statements contained herein should material
facts change due to new information, future events or other factors.
All forward-looking statements attributable to Prism Medical are
expressly qualified by these cautionary statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE Prism Medical Ltd.
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