Posted On: 03/27/2014 1:14:52 PM
Post# of 156
Sanomedics International Holdings, Inc. has entered into a definitive agreement to acquire its 2nd sleep services based company in Duke Medical LLC, of Baytown, Texas ("Duke") for an aggregate purchase price of $7,000,000, which includes cash, the issuance of common shares of Sanomedics and debt consideration (subject to certain adjustments as set forth in the agreement). Duke generated approximately $4 million in annual revenue with EBITDA of $1.5 million in 2012, and is on target to increase EBITDA close to $2 million this year based upon representations.
About Duke Medical, LLC.
Duke Medical LLC, is a leading respiratory and sleep provider of equipment, services and medical supplies to home patients with products such as CPAP/BiPAP, respiratory equipment, nasal and oral masks, pulse oximeters, nebulizer compressors, hospital beds, bariatric equipment and support surface products for wound care management, servicing patients throughout the Houston and Galveston, Texas and aggressively expanding throughout the state. The Texas Medical Center is home to 50 institutions including 14 hospitals and two specialty institutions. Since its inception, Duke has maintained the requisite licensure as a qualified Medical Equipment provider from the State of Texas.
The management team of Duke will continue to operate the day-to-day business as a wholly owned subsidiary of Anovent, Inc. ("Anovent"), which is a wholly owned subsidiary of Sanomedics.
About Duke Medical, LLC.
Duke Medical LLC, is a leading respiratory and sleep provider of equipment, services and medical supplies to home patients with products such as CPAP/BiPAP, respiratory equipment, nasal and oral masks, pulse oximeters, nebulizer compressors, hospital beds, bariatric equipment and support surface products for wound care management, servicing patients throughout the Houston and Galveston, Texas and aggressively expanding throughout the state. The Texas Medical Center is home to 50 institutions including 14 hospitals and two specialty institutions. Since its inception, Duke has maintained the requisite licensure as a qualified Medical Equipment provider from the State of Texas.
The management team of Duke will continue to operate the day-to-day business as a wholly owned subsidiary of Anovent, Inc. ("Anovent"), which is a wholly owned subsidiary of Sanomedics.
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