iMD Companies, Inc. Acquires OMI LLC and Files Financials for 2010(2)
TAMPA, Fla., April 21, 2011 /PRNewswire/ -- iMD Companies (ICBU.PK) is pleased to announce that is has acquired an Independent Diagnostic Testing Facility (IDTF), Optimum Mobile Imaging LLC, which increases and diversifies the Company's portfolio of Medical Service businesses. The acquisition was done with cash and restricted stock and is accretive to earnings. More information regarding OMI can be found at www.OMIAZ.com. OMI is currently running at a $2 MM revenue rate which will more than double our revenues. We expect significant growth to continue in all segments of our business.
In addition, iMD Companies, Inc. (ICBU.PK) is pleased to announce that it has filed its updated financials on time to maintain full disclosure to the investment community.
iMD has an 8 year history of revenues and operations in the medical health field, primarily providing diagnostic testing services. We expect significant organic growth during 2011 from our core diagnostic business. In addition, we will continue to seek synergistic accretive acquisition candidates aggressively.
The Company operates on low overhead and high profit margins. Cash for operations has been provided by management and there is little debt on the balance sheet. We expect to be cash flow positive in 2011. In keeping with its policy of operating lean, iMD's current model will allow the company to complete anticipated acquisitions, raise funds and attract a quality core management team for future projects.
Saeb Jannoun, CEO, commented, "with an IDTF we can now bill insurance companies directly allowing us to develop our markets using a more efficient and profitable approach. We are looking forward to a very profitable 2011. We anticipate closing all pending deals soon and ramping up company revenues at a rapid pace. The acquisition of the IDTF alone will increase diagnostic services