Prism Medical announces acquisition of supplier of moving and handling services

For the full press release visit newswire

VAUGHAN, ON, Nov. 9 /CNW/ - PRISM MEDICAL LTD. (TSX-V:PM) ("Prism") today announced that it has completed the acquisition of a UK supplier of moving and handling services for the mobility impaired effective November 6, 2009. The acquisition cost was $0.8m which was satisfied by a cash payment of $0.4m and deferred payments in the amount $0.4m. The deferred payments are repayable over 3 years together with interest at 7% over a term of 3 years. 

The company services and maintains a wide variety of equipment including ceiling lifts, baths and beds into both long term care and acute care facilities throughout England and Wales.

Andrew A. McIntyre, Chairman and CEO of Prism stated, "The acquisition continues our expansion into the provision of services for our customers. The acquisition is expected to be accretive to earnings in the current fiscal year and will strengthen Prism's ability to execute its strategic plans."