VAUGHAN, ON, CANADA, October 30, 2008
/24-7PressRelease/ -- PRISM MEDICAL LTD. (TSX-V: PM) ("Prism") today announced that its wholly owned US subsidiary, ErgoSafe Products LLC, doing business as Prism Medical Services USA, has completed the acquisition of substantially all the assets and operations of Kevko Solutions, Inc., a New York corporation, doing business as Access Solutions, a privately owned United States based distributor of moving and handling products for the mobility impaired. The assets were acquired for approximately $500,000. The purchase price was satisfied by a cash payment of $400,000 and a $100,000 holdback until certain contractual obligations are met. Additional consideration, of up to $1,600,000 may be paid in future depending on the results of the operation which will operate as Access Solutions, a Prism Medical Company.
Access Solutions has been in operation since 1999 providing surveying & assessment, installation, and training services, as well as the distribution of a variety of safe patient handling and accessibility products for the Acute, Long-Term Care and Home Health Care markets in New York and Northern Pennsylvania. The products include ceiling lifts, stair lifts, ramps, floor lifts, bathing systems, beds and repositioning aids. Products are sold for use in institutions and homecare.
The former majority shareholders, Walter A. Kolt Jr. and Kevin Klipfel have entered into employment contracts with Prism Medical Services USA. Walter A. Kolt Jr. will continue to be responsible for the day-to-day operations as General Manager of Access Solutions and Kevin Klipfel will continue as a major contributor to Prism's US institutional sales activities.
Andrew A. McIntyre, Chairman and CEO of Prism stated, "The acquisition of Access Solutions marks another step in the strategic expansion of our geographic coverage and product offering. Access Solutions fills an existing gap in our US market and will provide Prism's products with direct access to outstanding customer relationships developed by Access Solutions over the last nine years in New York and the surrounding region of the United States. We look forward to the opportunities that will be created through this acquisition."
Prism Medical Ltd. is a provider of durable medical equipment and related services to the mobility disadvantaged in Canada, the U.S.A. and the United Kingdom. While Prism's history dates back to 1996, Prism's subsidiaries and divisions have been servicing the mobility disadvantaged since the mid 1980s in their homes, long-term care facilities and acute care facilities. Prism includes Waverley Glen Systems, North America's premier ceiling lift manufacturer with distribution across Canada and the US including Patient Lifts of New England. In the UK, Prism includes Westholme and Care Free Lifting & Handling, leading distributors of moving and handling products in the UK, and Freeway Health Care, a manufacturer of ceiling hoists and shower chairs.
For more information about the patient lifts and repositioning/transferring products, visit http://www.prismmedicalltd.com.
A provider of durable medical equipment including patient lifts, bed repositioning products and bathing equipment in Canada, the USA and the United Kingdom (UK).
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