FONAR Announces Latest Income-Boosting Transaction
MELVILLE, NEW YORK, June 20, 2017 - FONAR Corporation
(NASDAQ-FONR), The Inventor
of MR Scanning™, reported today that Health Management
Company of America (HMCA), of which FONAR is the majority owner,
has now purchased more than 99% interest in the FONAR MRI equipment
lease related to Stand-Up MRI of Great Neck, thereby adding to
FONAR’s net income and cash flow.
Turnkey Services of Great Neck, LLC, by way of an
operating lease, has been the sole provider of a FONAR UPRIGHT®
Multi-Position™ MRI to HMCA-managed Stand-Up MRI of Great
Neck, which is located in Great Neck, New York.
Timothy R. Damadian, President and CEO of FONAR
Corporation, said, “We are pleased to report that with this
transaction and the other three acquisitions made within the last
twelve months, we continue to contribute to the growth and financial
stability of the company and eagerly continue our search for similar
FONAR, The Inventor
of MR Scanning™, located in Melville, NY, was incorporated
in 1978 and is the first, oldest and most experienced MRI company
in the industry. FONAR introduced the world's first commercial
MRI in 1980, and went public in 1981. FONAR's signature product
is the FONAR UPRIGHT® Multi-Position™ 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 in the conventional lie-down position. The
MRI often detects patient problems that other MRI scanners
cannot because they are lie-down and "weightless-only"
scanners. The patient-friendly UPRIGHT® MRI has a near-zero
claustrophobic rejection rate by patients. Regarding patient comfort,
as one FONAR customer stated, "If the patient is claustrophobic
in this scanner, they'll be claustrophobic in my parking lot."
Approximately 85% of patients are scanned sitting while watching
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Full Range of Motion™, Multi-Position™, Upright Radiology™, The Proof is in the Picture™, True Flow™, pMRI™, Spondylography™, Dynamic™,
Spondylometry™, CSP™, and Landscape™, are trademarks of FONAR Corporation.
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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