Tuesday, April 19, 2011

Prism Medical Announces Acquisition of Movement 2 Ltd.


TORONTO, April 18 /CNW/ - Prism Medical Ltd. ("Prism Medical" or "the Company") (TSXV: PM), a leading provider of durable medical equipment and related services to the mobility disadvantaged, today announced the acquisition of Movement 2 Ltd. ("Movement 2"), a provider of home care patient moving and handling equipment, servicing and repair in the East Midlands region of the UK.

The total consideration paid for the acquisition was £0.8 million (approximately $1.3 million). Under the terms of the agreement, Prism Medical has paid £0.4 million (approximately $0.64 million) in cash and issued £0.4 million (approximately $0.64 million) of 7% notes, repayable over 3 years. The transaction is expected to be accretive in the first year of ownership.

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