March 16, 2009
Diagnostic Imaging International Corp. - Closes Acquisition and Financing
Las Vegas, March 16, 2009 - Diagnostic Imaging International Corp. (OTCBB: DIIG) announced today that on March 2nd it completed its acquisition of Canadian Teleradiology Services ("CTS") that was previously announced on September 25, 2008. DIIG and CTS entered into an acquisition agreement whereby DIIG acquired all of the outstanding shares of CTS. Terms of the deal are available in the Form 8-K filed on March 5, 2009.
In conjunction with the acquisition, DIIG closed $360,000 of its proposed $2,000,000 private placement financing at a price of $0.15 per share.
Canadian Teleradiology Services Inc. ("CTS") is a provider of remote teleradiology service to hospitals and clinics in Canada and the US and practices, on-call 24 hours a day, 7days a week. CTS transmits MRI and CT scans from local hospitals to radiologists in larger centers who then read and report on the scans. This allows the local hospital access to radiologists without having an expensive staff member being underutilized. CTS connects clients with a global teleradiology network, providing access to global partner facilities and American and Canadian board-certified radiologists.
CTS revenues were in excess of $800,000 in 2008 and are expected to more than double in 2009.
"Today is a milestone in the growth of Diagnostic Imaging", said Richard Jagodnik, CEO, "The acquisition of CTS propels DIIG to the forefront of Teleradiology in Canada. We can now focus our resources on continuing the three year trend of year over year growth for CTS, while exploring other business expansion opportunities within the diagnostic imaging field in Canada and the United States."
To find out more about Diagnostic Imaging International Corp. (OTCBB: DIIG), visit our website at diig.biz. Or contact the Company directly at 603-727-8613.
This news release includes forward-looking statements that reflect Diagnostic Imaging International Corp.'s current expectations about its future results, performance, prospects and opportunities. Diagnostic Imaging International Corp. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Diagnostic Imaging International Corp. and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities in the remainder of 2009 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.