TAMPA, Fla., Feb. 8, 2011 /PRNewswire/ -- In the Third Quarter of 2010, The Board of Directors of International Coastal Biofuels (OTC MARKETS: ICBU) has elected to change the company name to iMD Companies, Inc. In addition, a new management team will take control of ICBU with the objective of propelling the company into the health and wellness arena. The new management has opted to alter the basic structure of the firm to that of a holding company. The new structure has the company looking for promising acquisitions in the healthcare industry and other related fields. Saeb Jannoun has been elected Chairman of the Board of Directors as well as Chief Executive Officer. Bruce Collett has been named Vice President and to the Board of Directors.
iMD's management will be led by serial entrepreneurs who intend to make iMD a serious player in their target areas. Management's purpose moving forward is to acquire, develop and group, promising entities under one roof, providing them with the collective power afforded by their joint assets and economies of scale. This strategy will prove to be a profitable and financially sound platform for iMD's success.
As a first step, iMD has completed the acquisition of Integrated Medical Diagnostics, Inc. Integrated has been performing ultrasound image analysis for over eight years using a proprietary measurement and reporting system. The company has been producing solid revenues for several years. Using a skilled team of technicians, Integrated has developed the PCI Heartscan report. This proprietary report measures arterial lining thickness as well as arterial plaque, providing health care practitioners with a useful tool in the early detection of cardiovascular disease.
As a plus, Integrated has continued to compile a database using several statistical markers from the over 40,000 studies it has conducted. This growing database will prove to be of great valu