Medisys says it will acquire one of Canada’s largest medical imaging centres

Montreal, QC September 24, 2003 Healthcare services provider Medisys Health Group says it has entered into a definitive agreement to acquire medical iimaging centre Edward Street X-Ray for total consideration of approximately $8 million.

It says Edward Street services between 300 and 400 patients per day, providing ultrasound, X-ray, mammography and bone mineral densitometry. The centre reportedly generated approximately $9 million in revenues in its most recent fiscal year. The acquisition is expected to close by October 31, 2003, and integration activities are already underway.

“This acquisition represents a significant milestone as we continue to execute our strategy of expanding our presence in the Canadian medical imaging market,” said Dr. Sheldon Elman, president & CEO of Medisys Health Group. “In addition to this facility being one of the largest of its kind in Canada, Edward Street X-Ray is also one of the most profitable and efficient, as a result of its conversion from traditional film to the most advanced digital imaging technologies. By using the latest digital technology, the team at Edward Street X-Ray has transformed its practice of radiology, and is now able to deliver even higher-quality medical imaging services to patients and physicians.”

Edward Street has a 30,000-sq ft medical imaging facility and a satellite location in downtown Toronto, close to both the Toronto General Hospital and Mt Sinai Hospital. Founded in 1990 by Dr Morris Goldfinger, it currently employs over 100 staff, including 22 affiliated physicians and specialists.

Dr Goldfinger will join the Medisys senior management team as president, medical imaging & chief radiologist. “We are delighted to welcome Dr Goldfinger to our management team to head our initiatives in the medical imaging area,” said Dr Elman. “Both he and the rest of his team have established an outstanding reputation in building a world-class facility in Toronto, and they will contribute tremendous depth and expertise as we continue to grow our presence in the medical imaging market.”