Insight Imaging signs definitive agreement to acquire eight imaging centers for $8.5M

InSight Health Services Holdings Corp. ("Insight Imaging") (OTCBB:ISGT) today announced that it had signed a definitive agreement to acquire eight imaging centers in the Phoenix, Arizona, El Paso, Texas, and Las Cruces, New Mexico areas from subsidiaries of MedQuest, Inc. and Novant Health, Inc., for a total purchase price of approximately $8.5 million. The centers generated approximately $18.7 million in net revenues in 2009. In a separate transaction, Insight Imaging has agreed to sell mobile imaging assets in North Carolina for approximately $9.2 million to an affiliate of MedQuest and Novant. The mobile imaging assets generated approximately $3.3 million in net revenues in 2009. Insight Imaging expects the transactions, which are expected to close in July 2010, to be accretive to adjusted EBITDA after reflecting anticipated operating synergies.

“We are excited to be able to add these strategically well-placed imaging centers to our existing markets. We believe that their addition will improve our strategic positioning and value to our referring physicians, patients and payers.”

Kip Hallman, President and CEO of Insight Imaging said, "We are excited to be able to add these strategically well-placed imaging centers to our existing markets. We believe that their addition will improve our strategic positioning and value to our referring physicians, patients and payers."