May 19, 2010
Diagnostic Imaging International Corp.
First Quarter Results 2010
Las Vegas, NV - May 19, 2010 - Diagnostic Imaging International Corp. (DIIG.OB) ("DIIG"), who owns and operates CTS, a Teleradiology company, announced today its financial results for the three- months ended March 31, 2010. All currency amounts are in U.S. dollars.
Net loss for the three months ended March 31 was $173,143, or $0.01 per share, on revenues of $663,737, compared to a net loss of $84,365, or $0.008 per share, on revenues of $94,439 in the same period a year ago. The net loss is due mainly as a result of non-cash amortizations and legal expenses. With the non-cash items removed the Company had a profit for the three months ended March 31 of $15,000.
During the quarter DIIG raised $264,776 through the sale of convertible notes. The Company's CTS subsidiary became cash flow positive in the first quarter.
In March a new client hospital contract began. The new contract increased monthly Company revenues by over 20%. The new contract will show a full quarter of revenue in the second quarter of 2010.
"In the first quarter we showed a continued increase of revenues over the previous quarter," said Mr. Mitchell Geisler, Diagnostic Imaging's Chief Executive Officer. "Our ability to add additional client hospitals and prudent budgeting should allow us to demonstrate consistent growth in 2010 and 2011."
"We were able to raise funds in the first quarter to retire some of our short term debt obligations. As a growing company, we will consider further financings in an effort to improve our cash position to allow for expansion of CTS and for seeking acquisition targets of MRI clinics. Our multi pronged strategy will allow us to maximize the Company's resources in an effort to enhance the bottom line of DIIG and increase shareholder wealth," said Mr. Geisler.
To find out more about Diagnostic Imaging International Corp. (OTCBB: DIIG), visit our website at diig.biz. Or contact the Company directly at (877) 331-3444.
Diagnostic Imaging International Corp., ("DIIG") is planning to acquire diagnostic imaging clinics including MRI clinics, Computed Tomography scan equipment, and to evaluate future opportunities for Positron Emission Tomography clinics. DIIG owns and operates CTS, a Teleradiology company. Teleradiology is the process of assessing and reporting radiological patient images, such as x-rays, CTs, and MRIs, from one location to another for the purposes of interpretation and/or consultation. CTS provides remote radiology (teleradiology) to hospitals and practices, on-call 24 hours a day, 7 days a week.
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 2010 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.