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Banyan Subsidiary, Premier Medical Group Announces 4th Acquisition
Mar 21, 2007 12:01:00 PM
Copyright Business Wire 2007
LOS ANGELES--(BUSINESS WIRE)--
Banyan Corporation (OTCBB:BANY), franchisors of nationally branded Chiropractic USA clinics, and owner of Premier Medical Group and Virtual Medical Systems, Inc. (VMS), announced the Acquisition of the customer base of Medical Resources, Inc. of Virginia. Premier Medical Group is now considered to be one of the largest electro diagnostic testing companies in the USA.
Michael Gelmon, Banyan CEO, speaking to analysts said that this acquisition would add initially about $1.3 million in annual revenue to Premier based on the number and size of accounts acquired, as well as add substantial revenue to VMS. VMS sells the highly recognized VT3000 nerve testing device to medical and chiropractic practices across the United States. "Acquiring revenue streams throughout our operating businesses is a sound approach to bring about rapid growth for Banyan," said Michael Gelmon. "While this is our 4th acquisition for Premier, the potential for continued acquisitions is great as we seek to consolidate the electro diagnostic industry".
"Revenues from Banyan's core businesses are expected to grow to an estimated $7.4 million on an annualized basis, turning the corner to profitability," said Gelmon.
Banyan agreed to pay Medical Resources 30% of the gross collections from its former accounts until the purchase price of $440,000 has been paid in full.
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