Business
CML HealthCare Income Fund Provides Update with respect to Medical Imaging Clinic Acquisitions
CML HealthCare Income Fund Provides Update with respect to Medical Imaging Clinic Acquisitions.
About this update from Christina Lake Cannabis Corp
[{"type":"text","content":"\n\n\n\nToronto Stock Exchange Symbol: CLC.UN\n\n\nMISSISSAUGA, ON, July 26 /CNW/ - CML HealthCare Income Fund (the "Fund"),\n(TSX: CLC.UN) today reported on its recent acquisition activities. On\nDecember 21, 2006, the Fund closed the acquisition of Brantford Medical\nImaging ("Brantford"), the only medical imaging services provider in\nBrantford, Ontario. On July 25, 2007, the Fund closed the acquisition of\nProMed Echo-Ultrasound ("ProMed"), an ultrasound medical imaging clinic in\nToronto, Ontario. On July 3, 2007, the Fund entered into a binding agreement\nto acquire Toronto-based North York Diagnostic Imaging ("North York") and\nQuality Medical Imaging ("QMI"). The acquisitions are expected to be\nimmediately accretive to the Fund's distributable cash(1). The anticipated\nannualized revenue contribution from these transactions as well as the\naggregate cash considerations paid, are included in the following summary:\n\n\nNumber of Clinics: 12 in Ontario\n\nModalities: Ultrasound, X-ray, Mammography, Bone\n Densitometry, Fluoroscopy\n\nRevenues: $11.2 million\n(annualized estimate)\n\nConsideration: $9.0 million\n(Cash approx.)\n\n\n"We are pleased to further strengthen our market presence and referring\nphysician networks within strategic markets in Ontario. Looking ahead, as we\ncontinue to advance our medical imaging clinic acquisition strategy, we remain\ncommitted to ensuring each transaction is immediately accretive to\ndistributable cash(1)." said Paul Bristow, President and CEO of CML HealthCare\nIncome Fund. "We welcome staff from Brantford, ProMed, North York and QMI to\nthe CML HealthCare team, and look forward to continuing to deliver the quality\nof service their patients and referring physicians have come to expect."\n\n\nBrantford's four multi-modality clinics expands CML HealthCare's strong\nmedical imaging services presence in southwestern Ontario. Further, as CML\nHealthCare is currently the largest operator of specimen collection centres\nfor laboratory testing in Brantford, there may be future opportunities to\ncombine laboratory and imaging operations.\n\n\nThe acquisitions of the North York and QMI clinic networks will solidify\nCML HealthCare as the largest provider of community-based medical imaging\nservices in the North York regi...