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     524  0 Kommentare Prism Medical Announces Sale of UK Operations

    TORONTO, ONTARIO--(Marketwired - April 11, 2014) - Prism Medical Ltd. ("Prism Medical" or the "Company") (TSX VENTURE:PM), a leading provider of durable medical equipment and related services to the mobility challenged, today announced that it has completed the sale of its UK operations for cash consideration of £30.0 million, or C$54.9 million at current exchange rates. The sale occurred pursuant to a Sale and Purchase Agreement (the "Purchase Agreement") entered into and completed today with a new company (the "Purchaser") backed by LDC (Managers) Limited, a UK mid-market private equity firm that is a subsidiary of Lloyds Banking Group. Pursuant to the Purchase Agreement, the Purchaser acquired all of the shares of the Company's UK holding company, Prism UK Medical Limited. Local management of Prism UK Medical Limited, led by Stuart Meldrum, will continue to run the UK operations. The UK operations manufacture and supply safe patient handling products and related services directly to the UK healthcare market as well as to dealers throughout Europe and the Middle East.

    The C$54.9 million all cash consideration paid today at closing is expected to result in C$49.5 million in net cash proceeds after deducting transaction expenses, related taxes and head office restructuring costs. The net cash consideration represents approximately C$5.35 per share on a fully diluted basis.

    "We are very pleased to have unlocked significant shareholder value as a result of this transaction," said Andy McIntyre, Executive Chairman and CEO of Prism Medical. "This allows us to focus on our growing North American business that in fiscal 2013 generated revenues in excess of C$35.3 million and an Adjusted EBITDA in excess of C$6.4 million exclusive of corporate administrative costs." Andy McIntyre further stated, "As a result of the sale of the UK operations we expect to considerably reduce our administrative expenses and focus our human and financial capital on the growing North American market for our products and services. We believe this renewed focus in familiar and adjacent markets offers more attractive prospects than what we can achieve in the more mature European markets."

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    Prism Medical Announces Sale of UK Operations TORONTO, ONTARIO--(Marketwired - April 11, 2014) - Prism Medical Ltd. ("Prism Medical" or the "Company") (TSX VENTURE:PM), a leading provider of durable medical equipment and related services to the mobility challenged, today announced that it has …