TAMPA, Fla., April 21, 2011 /PRNewswire/ -- iMD Companies (ICBU.PK) is pleased to announce that is has acquired an Independent Diagnostic Testing Facility (IDTF), Optimum Mobile Imaging LLC, which increases and diversifies the Company's portfolio of Medical Service businesses. The acquisition was done with cash and restricted stock and is accretive to earnings. More information regarding OMI can be found at www.OMIAZ.com. OMI is currently running at a $2 MM revenue rate which will more than double our revenues. We expect significant growth to continue in all segments of our business.
In addition, iMD Companies, Inc. (ICBU.PK) is pleased to announce that it has filed its updated financials on time to maintain full disclosure to the investment community.
iMD has an 8 year history of revenues and operations in the medical health field, primarily providing diagnostic testing services. We expect significant organic growth during 2011 from our core diagnostic business. In addition, we will continue to seek synergistic accretive acquisition candidates aggressively.
The Company operates on low overhead and high profit margins. Cash for operations has been provided by management and there is little debt on the balance sheet. We expect to be cash flow positive in 2011. In keeping with its policy of operating lean, iMD's current model will allow the company to complete anticipated acquisitions, raise funds and attract a quality core management team for future projects.
Saeb Jannoun, CEO, commented, "with an IDTF we can now bill insurance companies directly allowing us to develop our markets using a more efficient and profitable approach. We are looking forward to a very profitable 2011. We anticipate closing all pending deals soon and ramping up company revenues at a rapid pace. The acquisition of the IDTF alone will increase diagnostic services income significantly."
ABOUT IMD COMPANIES, INC.
iMD Companies, Inc., (OTC MARKETS: ICBU) is a Florida corporation, engaged in the medical diagnostics and health and fitness industries. Its primary products and services lie in the health and fitness nutraceutical and medical diagnostics services markets. The company further plans to expand into the weight-loss industry.
The company delivers its medical diagnostic services on-site participating medical clinics and physician offices. The nutraceutical supplements, pills, bar and gels will be marketed and distributed through participating clinics and on-line web marketing retail methods. The company will continue to develop its innovative marketing strategies, including the use of social networking vehicles.
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Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
SOURCE iMD Companies, Inc.