ANMRAcoustic Nuclear Magnetic Resonance
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Jack Nelson, Chairman and CEO of ANMR stated: "This settlement represents yet another significant item that we have unburdened ourselves of without expense.
We are also pleased with the opportunity to build upon our strategic relationship by becoming an ANMR shareholder.
ANMR will retain its rehabilitation business and interest in the Faulkner Hospital Sagoff Women's Center (scheduled to open in spring).
James, formerly CFO of MDI has joined ANMR as its chief financial officer.
Following the transaction, however, ANMR will continue to own and to operate MDI's rehabilitation business and to own its interest in the Faulkner Hospital Sagoff Women's Center (under development), both of which will be transferred to ANMR concurrent with the transaction.
Commenting on the transaction, Jack Nelson, chairman and CEO of ANMR, said, "We have been pleased with the results of our medical imaging services business since we acquired MDI in 1995, and we believe that its prospects continue to be bright.
As part of the company's new mission, ANMR will eliminate research, development and production of its Instascan and headcoil technologies, resulting in lower operating expenses.
Jack Nelson, Chairman and Chief Executive Officer of Advanced NMR Systems noted: "The financing announced today will allow ANMR to adequately fund development and marketing programs that we have identified as critical to the successful implementation of our strategic objectives, the first of which must be the creation of shareholder value.
Jack Nelson, Chairman and Chief Executive Officer of ANMR said: "The financing secured for Advanced Mammography Systems and the termination of the AMS merger will enable ANMR to focus on its growing diagnostic imaging and rehabilitation business and the optimizing of technology developed by ANMR.
ANMR is developing new systems for functional neuro-imaging and orthopedic applications.
ANMR expects order flows from its imaging systems business to continue to be uneven in the immediate future; however, the company reports it has an order backlog in excess of $4.
NASDAQ: ANMR) today announced it has reached an agreement with General Electric Medical Systems (GEMS) to extend the contract between the companies whereby ANMR is the exclusive system integrator for GE 3 and 4 Tesla (3T/4T) very high field research magnetic resonance imaging systems through June 1999.