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MELVILLE, N.Y., June 20, 2017 -- FONAR Corporation (NASDAQ:FONR), The Inventor of MR Scanning™, reported today that Health Management Company of America (HMCA), of which FONAR is the majority owner, has now purchased more than 99% interest in the FONAR MRI equipment lease related to Stand-Up MRI of Great Neck, thereby adding to FONAR’s net income and cash flow.
Turnkey Services of Great Neck, LLC, by way of an operating lease, has been the sole provider of a FONAR UPRIGHT® Multi-Position™ MRI to HMCA-managed Stand-Up MRI of Great Neck, which is located in Great Neck, New York.
Timothy R. Damadian, President and CEO of FONAR Corporation, said, “We are pleased to report that with this transaction and the other three acquisitions made within the last twelve months, we continue to contribute to the growth and financial stability of the company and eagerly continue our search for similar promising opportunities.”
About FONAR:
FONAR, The Inventor of MR Scanning™, located in Melville, NY, was incorporated in 1978 and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. FONAR's signature product is the FONAR UPRIGHT® Multi-Position™ MRI (also known as the STAND-UP® MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as in the conventional lie-down position. The FONAR UPRIGHT® MRI often detects patient problems that other MRI scanners cannot because they are lie-down and "weightless-only" scanners. The patient-friendly UPRIGHT® MRI has a near-zero claustrophobic rejection rate by patients. Regarding patient comfort, as one FONAR customer stated, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while watching TV.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Full Range of Motion™, Multi-Position™, Upright Radiology™, The Proof is in the Picture™, True Flow™, pMRI™, Spondylography™, Dynamic™, Spondylometry™, CSP™, and Landscape™, are trademarks of FONAR Corporation.
This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.
Contact: Daniel Culver Director of Communications E-mail: [email protected] www.fonar.com The Inventor of MR Scanning™ An ISO 9001 Company Melville, New York 11747 Phone: (631) 694-2929 Fax: (631) 390-1772
