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Wednesday, October 24, 2012 10:30:15 AM
The clinic had revenues of just under $2,000,000 in 2011 and was cash flow positive by almost $600,000. Upon closing, the additional revenue from the clinic acquisition would increase DIIG annual revenues by almost 60%, with projected 2013 EBITDA of almost $0.04 per share.
The transaction is subject to certain customary closing conditions, including, among other things, the satisfactory completion of the Company's due diligence review of the clinic, the continued regulatory compliance of the Clinic, the completion of a financial audit of the Clinic, which shall be acceptable to the Company, and the continued employment of specified personnel of the Clinic. Additionally, the acquisition of the Clinic may be abandoned by the Company at any time, in its sole discretion. The Company will have to obtain financing for the purchase price. Subject to the satisfaction or waiver of all closing conditions, and obtaining the necessary financing, the Company expects to close the transaction by October 15, 2012.
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