Prism Medical acquires Movement 2

Prism Medical Ltd. ("Prism Medical" or "the Company") (TSXV: PM), a leading provider of durable medical equipment and related services to the mobility disadvantaged, today announced the acquisition of Movement 2 Ltd. ("Movement 2"), a provider of home care patient moving and handling equipment, servicing and repair in the East Midlands region of the UK.

The total consideration paid for the acquisition was £0.8 million (approximately $1.3 million). Under the terms of the agreement, Prism Medical has paid £0.4 million (approximately $0.64 million) in cash and issued £0.4 million (approximately $0.64 million) of 7% notes, repayable over 3 years. The transaction is expected to be accretive in the first year of ownership.

Movement 2 supplies a wide range of products including ceiling track hoists, floor hoists, shower chairs, and slings.  Following the completion of the acquisition, Movement 2 will become the Midlands service centre for Prism Medical. 

"By combining the Movement 2 service engineering teams with our existing teams, we will have more than 80 highly skilled service and installation engineers throughout the UK," said Andrew A. McIntyre, Chairman and Chief Executive Officer of Prism Medical Ltd.  "Patients and caregivers will benefit from both the resources of a large national company, along with local and personalized service."