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 sp
|SOURCE Sanomedics International Holdings, Inc.|
Copyright©2012 PR Newswire.
All rights reserved