Navigation Links
Sanomedics Signs Definitive Agreement to Acquire Prime Time Medical
Date:4/29/2013

MIAMI, April 29, 2013 /PRNewswire/ -- Sanomedics International Holdings, Inc. (OTCQB: SIMH) ("Sanomedics"), a medical technology holding company that focuses on game-changing products, services and ideas, announced that it has entered into a definitive agreement to acquire Prime Time Medical, Inc., of Largo, Florida ("Prime Time") for an aggregate purchase price of $3,000,000, which includes the issuance of $750,000 in common shares of Sanomedics (approximately 468,000 shares), $1 million in seller debt, and $1,250,000 cash consideration payable within 90 days (subject to certain adjustments). The transaction is expected to close during Sanomedics' fiscal second quarter ending June 30, 2013, and is subject to customary closing conditions. Prime Time generated approximately $5 million in annual revenue in 2012.

Summary of the Acquisition

Prime Time Medical, Inc., is a leading Durable Medical Equipment (DME) provider of home medical equipment with products such as power wheel chairs and scooters specializing in complex rehab products, respiratory equipment including oxygen concentrators and nebulizer compressors, diabetic supplies, hospital beds, bariatric equipment, walkers, CPMs, commodes, manual wheel chairs and support surface products for wound care management, servicing consumers throughout West Central Florida and aggressively expanding throughout the state. Since its inception, Prime Time has maintained the requisite licensure as a qualified DME provider from the State of Florida and National Supplier Clearinghouse for processing of Medicare claims.

Prime Time's leadership team has combined industry experience of over 60 years. Prime Time is led by Mark Miklos , President, who has over 20 years of industry experience in the healthcare and medical equipment field. Mr. Miklos is a former principle of a very successful specialty pharmacy and billing company and previously the CFO of a mail order specialty pharmacy. In addition to Mr. Miklos' management responsibilities over Prime Time, he is expected to assist in business development and investigation of M&A activities for Sanomedics.

"This transaction opens an exciting new chapter for Prime Time and our customers," stated Mr. Miklos. "We are committed to continued growth, and I believe our efforts will be better supported by partnering with Sanomedics in our shared vision. While we remain focused on the execution of our long-term strategy, we will deliver immediate value to shareholders.  We are currently achieving one of our highest months of revenue at Prime Time and expect to nearly double our sales to approximately $10 million in 2013."

The management team of Prime Time will continue to operate the day-to-day business as a wholly owned subsidiary of Anovent, Inc. ("Anovent"), a subsidiary of Sanomedics.

Keith Houlihan , Co-founder and President of Sanomedics, stated, "The accretive acquisition of Prime Time is an exciting addition to Sanomedics' and Anovent's product and service offerings. Prime Time is the first in a series of acquisitions, and it strengthens our position to take advantage of the market opportunities ahead. We are pleased to have a talented, experienced and motivated team join Sanomedics and believe they will play a key role in implementing our growth strategy."

About Sanomedics International Holdings, Inc.

Sanomedics International Holdings, Inc. (OTCQB: SIMH) is a medical technology holding company that focuses on game changing products, services and ideas - a place where physicians, entrepreneurs, and medical companies can work together to drive innovative technologies through concept, development, and ultimately commercialization. We plan to grow our existing business organically and through strategic acquisitions specifically relating to sleep disorder diagnosis treatments. Sanomedics seeks to acquire sleep therapy operating businesses and our strategy is to integrate a portfolio of world-class products and service providers in the growing Sleep Apnea market. Our goal is to provide Sleep Apnea patients with a reliable and integrated "end-to-end" service platform.

About Prime Time Medical, Inc.

Prime Time Medical, Inc., is a leading Durable Medical Equipment (DME) provider of home medical equipment with products such as power wheel chairs and scooters specializing in complex rehab products, respiratory equipment including oxygen concentrators and nebulizer compressors, diabetic supplies, hospital beds, bariatric equipment, walkers, CPMs, commodes, manual wheel chairs and support surface products for wound care management, servicing consumers throughout West Central Florida and aggressively expanding throughout the state.  

Forward Looking Statements

This press release may contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties (for example, the risk that the acquisition of Prime Time is not consummated), and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The Company's periodic filings with the Securities and Exchange Commission should be viewed for a complete understanding of risk and uncertainty.

Contact: Keith Houlihan , 305-433-7814, info@sanomedics.com


'/>"/>
SOURCE Sanomedics International Holdings, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Mr. William Lerner, Esq. nominated to the Board of Directors of Sanomedics International Holdings, Inc.
2. AtheroNova Signs Agreement for Development of Clinical Trial Supplies
3. Southern Research Signs Agreement with Apath, LLC to Conduct Preclinical Studies with Virus-Based HCV Screenings
4. VWR International, LLC Signs Agreement to Acquire basan Germany GmbH
5. Haemonetics Signs Definitive Agreement To Acquire Hemerus Medical, LLC
6. Haemonetics Signs Definitive Agreement to Acquire Pall Corporations Blood Collection, Filtration and Processing Product Lines For $551 Million
7. H. D. Smith Signs Three Year Prime Vendor Agreement with PharmacyGPO Buying Group
8. Bacterin International Signs Its Third National GPO Contract with Novation
9. MusclePharm Signs Pro Baseball Rookie Phenom Bryce Harper As Sponsored Athlete
10. Masimo Signs Pronto-7™ Distribution Deal with Henry Schein
11. Unilife Signs Long-Term Supply Contract for the Unifill Prefilled Syringe
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... 2016  Patients in Alabama seeking ... therapy no longer have to travel out of state. ... Urology Centers of Alabama to provide a total ... qualifying patients. Alabama is ... of prostate cancer using many different modalities. They are the ...
(Date:2/5/2016)... 2016 --> ... that the global active pharmaceuticals ingredients (APIs) market stood ... reach US$185.9 bn by 2020. It is expected to ... 2020. The title of the report is "Active Pharmaceutical ... and by Therapeutic Area) - Global Industry Analysis, Size, ...
(Date:2/5/2016)... 2016 Site Profile: --> ... - The Speech Recognition People, announced their latest primary healthcare case ... care, reduce turnaround times and to save the practice money. ... since 2013 Challenge: --> ,- Wirral CCG ... - Six doctors ,- Wirral CCG ,- VoicePower client since 2013 ...
Breaking Medicine Technology:
(Date:2/5/2016)... (PRWEB) , ... February 05, 2016 , ... Regular gym ... find themselves having to wait longer to access the treadmills. It’s a predictable trend. ... resolutions to lose weight and get in shape by joining gyms, starting new walking ...
(Date:2/5/2016)... ... ... Dr. Justin Scott and Dr. Lydia Muccioli of Pure Dental Health ... in need. The event is scheduled to take place on February 27, 2016 from ... dental care to community members in need. Each patient will be given the opportunity ...
(Date:2/5/2016)... ... February 05, 2016 , ... Health and wellness is a ... individuals in the event they are experiencing an illness. Migraines are a severe form ... are afflicted with migraines would not wish the pain on their worst enemy, the ...
(Date:2/5/2016)... ... 2016 , ... –This week, Atascadero water heater company First Call Plumbing ... To view the report, click here or see below. , There ... pros and cons, the type chosen is almost entirely up to personal preference. However, ...
(Date:2/4/2016)... ... February 04, 2016 , ... American Addiction Centers ... the start of Project HoldSpace. Through the partnership, the two organizations seek to ... youth between the ages of 13 and 18. Currently focused on Ohio schools, ...
Breaking Medicine News(10 mins):