FONAR CHAIRMAN/PRESIDENT DR.
RAYMOND DAMADIAN AND ANOTHER BOARD MEMBER PURCHASE COMPANY STOCK
IN OPEN MARKET
NEW YORK, February 15, 2006 - FONAR Corporation (NASDAQ-FONR),
The Inventor of MR Scanning™, today announced that its
Chairman, President and founder Raymond Damadian, M.D., purchased
100,000 shares of FONAR stock in the open market on February
13, 2006. This brings his total ownership to 2,588,274 shares
of common stock. Dr. Damadian has not sold a share in more than
a decade. In addition to Dr. Damadian, Robert J. Janoff purchased
10,000 shares of FONAR stock in the open market on February
10, 2006. Mr. Janoff is a non-executive and independent member,
as defined in the Nasdaq listing rules, of FONAR’s Board
of Directors. The purchases were made pursuant to the Company’s
corporate governance guidelines for insider stock purchases.
purchase of FONAR shares in the open market by Dr. Damadian
and other members of management is intended to tangibly demonstrate
FONAR's enthusiasm, indeed excitement, about its current products,
like the FONAR UPRIGHT™ MRI and the FONAR 360™ ,
and their prospects for achieving record sales in the near future.
"We remain more enthusiastic than ever," said Dr.
Damadian, "of the prospects of the FONAR UPRIGHT™
MRI. It is proving daily the necessity of Upright™ weight-bearing
MRI imaging for correctly diagnosing spine problems, a condition
that leads to 800,000 neck and spine surgeries each year in
first FONAR 360™ installation currently nearing completion
at the Oxford Nuffield Orthopaedic Center, Oxford, U.K., a teaching
hospital of Oxford University, holds great promise for MR image
guided interventional procedures," Dr. Damadian said.
believe we have, with the FONAR UPRIGHT™ MRI, unique MRI
technology for which there is a compelling need and scientific
proof of its superiority. With our first ever national advertising
campaign about to commence and an experienced and dedicated
workforce capable of trebling our production and revenue with
minimal investment, we are very much encouraged by FONAR's near
term business prospects," concluded Dr. Damadian.
FONAR® was incorporated in 1978, making it the first, oldest
and most experienced MRI manufacturer in the
industry. FONAR introduced the world's first commercial MRI in
1980, and went public in 1981. Since its inception, FONAR has
installed hundreds of MRI scanners worldwide. Their stellar product
line includes the FONAR UPRIGHT™ MRI (also known as the
Stand-Up™ MRI), the only whole-body MRI that performs Position™
imaging (pMRI) and scans patients in numerous weight-bearing positions,
i.e. standing, sitting, in flexion and extension, as well as the
conventional lie-down position. The FONAR UPRIGHT™ MRI often
sees the patient's problem that other scanners cannot because
they are lie-down only. With nearly one half million patients
scanned, the patient-friendly FONAR UPRIGHT™ MRI has a near
zero claustrophobic rejection rate by patients. A radiologist
said, "FONAR UPRIGHT™ MRI - No More Claustrophobia
- The Tunnel Is Gone." As another FONAR customer states,
"If the patient is claustrophobic in this scanner, they'll
be claustrophobic in my parking lot." Approximately 85% of
patients are scanned sitting while they watch a 42" flat
screen TV. FONAR's latest MRI scanner is the FONAR 360, a room-size
recumbent scanner that optimizes openness while facilitating physician
access to the patient. FONAR is headquartered on Long Island,
New York, and has approximately 500 employees.
The Inventor of MR Scanning™, True
Flow™ MRI, Stand-Up™ MRI, FONAR UPRIGHT™ MRI,
Position™ MRI, PMRI™ and The Proof is in the Picture™
are trademarks of FONAR.
This release may include
forward-looking statements from the company that may or may not
materialize. Additional information on factors that could potentially
affect the company's financial results may be found in the company's
filings with the Securities and Exchange Commission.
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Copyright © 2006 FONAR- All Rights Reserved