Medex signs binding letter of intent to acquire BEE Mobile

Medex, Inc. (MDXX:PK), today announced the signing of a binding letter of intent to acquire privately held BEE Mobile, Inc. Founded in 2008 and headquartered in San Diego, CA, Medicare accredited BEE Mobile services and rents power wheelchairs and scooters as well as high end rehabilitation equipment.

“The BEE Mobile acquisition is expected to produce 2010 annual revenue of $1 million and net earnings of approximately $400,000 from a single location. A second facility is expected to open in June 2010”

Terms of the transaction were not disclosed but will consist of a combination of cash and Medex, Inc. restricted shares. (There will be no dilution to the existing shareholders.) Closing of the transaction is expected within two weeks.

"The BEE Mobile acquisition is expected to produce 2010 annual revenue of $1 million and net earnings of approximately $400,000 from a single location. A second facility is expected to open in June 2010," said Mr. Marco Montenegro, Chairman and CEO of Medex, Inc. "Complementing the previously announced Creative Rehab Technology Services transaction, BEE Mobile will expand Medex's offerings into the burgeoning wheelchair and scooter repair and rental markets. We welcome BEE Mobile, Inc. to the growing Medex portfolio of companies."