BANY NEWS - Banyan Subsidiary, Premier Medical Group Announces 4th Acquisition
Wednesday March 21, 12:01 pm ET
LOS ANGELES--(BUSINESS WIRE)--Banyan Corporation (OTCBB:BANY - News), 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.
About Banyan Corporation:
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded Chiropractic clinics throughout North America by way of franchising and the use of uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Virtual Medical Systems, Inc., provide diagnostic testing services to physicians nationwide in addition to marketing the VT3000 Electro-diagnostic testing machine.
This Press Release contains or incorporates by reference forward looking statements including certain information with respect to plans and strategies of Banyan Corporation. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Banyan Corporation operations that could differ materially from those indicated by such forward looking statements.
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