RadNet completes acquisition of Image Medical

RadNet, Inc. (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 191 fully-owned and operated outpatient imaging centers, today reported it has completed the previously announced acquisition of Image Medical Corporation, parent of eRAD, Inc.

In September 2010, the Company executed a definitive purchase agreement to acquire Image Medical Corporation, the parent of eRAD, Inc., for $10.75 million in a combination of cash and promissory notes. eRAD, Inc., headquartered in Greenville, South Carolina, has been a premier provider of Picture Archiving and Communications Systems (PACS) and related workflow solutions to the radiology industry since 1999. Over 250 hospitals, teleradiology businesses, imaging centers and specialty physician groups use eRAD's technology to distribute, visualize, store and retrieve digital images taken from all diagnostic imaging modalities.

"We are pleased to welcome the many outstanding employees of eRAD into the RadNet organization. We are very excited about adding eRAD's solutions and capabilities to our operation. Furthermore, we remain focused on continuing eRAD's tradition of providing innovative products to its many existing customers and to the imaging industry at large," said Dr. Howard Berger, President and Chief Executive Officer of RadNet.