Sanomedics Signs Letter of Intent to Acquire Large Sleep Disorder Service Based Operation
West coast based Durable Medical Equipment business will provide Sanomedics with a foothold in the growing sleep apnea treatment market
MIAMI, Dec. 12, 2011 /PRNewswire/ -- (Pink Sheets: SIMH) In a shrewd execution of its business plan and growth strategy, Craig Sizer, Co-founder and Chairman, with Keith Houlihan, Co-founder and President of Sanomedics International Holdings Inc. www.sanomedics.com, announced the signing of a letter of intent to acquire a strategically targeted durable medical equipment (DME) provider with a platform in sleep apnea treatment services. The targeted acquisition is accredited by the "Healthcare Quality Association." The operation with approximately $6 million in revenues and over $1 million in (EBITDA) earnings before interest, taxes, depreciation and amortization is expected to close in early 2012 upon the completion of due diligence and Sanomedics board approval.
"The acquisition of a sleep treatment service based operations is an important step in the growth of Sanomedics, as well as for the distribution and sales expansion of our ThermoMedics line of non-contact clinical thermometers," said Craig Sizer Chairman and Co-founder.
The targeted acquisition has a strong patient base and consistent growth over the last five years within the sleep disorder treatment market. It also offers a wide array of durable medical equipment and supplies and over 30 contracts with skilled nursing facilities which manages healthcare for a rapidly aging population.
"This acquisition is the first step in our strategy as a sleep medicine based business, it is a first class operation, with values that fit well with our business growth objectives," said Keith Houlihan, Co-founder and President. "As a pioneer in developing innovative health solutions, this acquisition is a bridge between the high-technology medical world and the growing home healthcare environment."
Sanomedics International Holdings, Inc. (SIMH) manufactures and distributes innovative professional medical, as well as, home health diagnostic devices and products. As a pioneer in the trend toward preventive medicine, Sanomedics' goal is to act as a bridge between the high-technology medical world and the home healthcare environment. All Sanomedics professional and home healthcare diagnostic products are extremely easy to use, while providing accurate results in less than one second.
Forward Looking Statements
This press release may contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The Company's periodic filings with the Securities and Exchange Commission should be viewed for a complete understanding of risk and uncertainty.
©2011 Sanomedics International Holdings Inc. All rights reserved. www.sanomedics.com
Co-Founder and President
SOURCE Sanomedics International Holdings, Inc.
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