MIAMI, April 18, 2013 /PRNewswire/ -- Sanomedics International Holdings, Inc. (OTCQB: SIMH), a medical technology holding Company that focuses on game changing products, services and ideas, announced that it has agreed upon terms of the definitive agreement to acquire Prime Time Medical, Inc. for an aggregate purchase price of $3,000,000 (subject to certain adjustments). Prime Time's revenue for fiscal 2012 was approximately $5 million USD. A tentative closing for the acquisition has been scheduled for Wednesday April 24, 2013.
Sanomedics International Holdings Keith Houlihan, Co-founder and President stated, "Prime Time Medical Inc., is another step in our continual process of expanding our portfolio while we implement our growth strategy. This acquisition is highly complementary to our business and furthers our ability towards a national expansion of our services. We look forward to the assistance of the management of Prime Time in implementing our core strategy."
About Sanomedics International Holdings, Inc.
Sanomedics International Holdings, Inc. (SIMH) is a medical technology holding company that focuses on game changing products, services and ideas - a place where physicians, entrepreneurs, and medical companies can work together to drive innovative technologies through concept, development, and ultimately commercialization. We plan to grow our existing business organically and through strategic acquisitions specifically relating to sleep disorder diagnosis treatments. Sanomedics seeks to acquire sleep therapy operating businesses and our strategy is to integrate a portfolio of world-class products and service providers in the growing Sleep Apnea market. Our goal is to provide Sleep Apnea patients with a reliable and integrated "end-to-end" service platform.
About Prime Time Medical, Inc.
Prime Time Medical, Inc., is a leading Durable Medical Equipment (DME) provider of home medical equipment with products such as electric wheelchairs, portable oxygen concentrators, compressors, diabetic supplies, respiratory products and mobility vehicles servicing consumers throughout West Central Florida.
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 (for example, the risk that the acquisition of Prime Time is not consummated), 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.
Contact: Keith Houlihan, 305-433-7814, [email protected]
SOURCE Sanomedics International Holdings, Inc.