MQ Associates, Inc. Announces Receipt of Requisite Consents and Execution of Supplemental...

MQ Associates, Inc. Announces Receipt of Requisite Consents and Execution of
Supplemental Indenture

ALPHARETTA, Ga., Jan. 15 /PRNewswire/ -- MQ Associates, Inc.
("MQ Associates") announced today the results of its previously announced cash
tender offer and consent solicitation with respect to its outstanding 12 1/4%
Senior Discount Notes due 2012 (CUSIP No. 55345RAC2) (the "Notes").
As of 5:00 p.m., New York City time, on January 14, 2008 (the "Consent
Date"), which was the deadline for holders who desired to receive the consent
fee to deliver their consents, MQ Associates had received consents for
$129,205,000 in aggregate principal amount at maturity of the Notes,
representing 95.59% of the outstanding Notes.
Accordingly, the requisite consents to adopt the proposed amendments (the
"Amendments") to the indenture pursuant to which the Notes were issued (the
"Indenture") have been received, and a supplemental indenture to effect the
Amendments has been executed by MQ Associates and the trustee under the
Indenture (the "Trustee"). The Amendments, which will eliminate substantially
all of the restrictive covenants and eliminate or modify certain events of
default and related provisions contained in the Indenture, will become
operative when the tendered Notes are accepted for purchase by MQ Associates.
The total consideration per $1,000 principal amount of Notes that were
validly tendered prior to the Consent Date (the "Total Consideration") will be
an amount equal to 110.081% of the accreted value of such Notes as of the
later of January 29, 2008 or the applicable Payment Date, which includes a
cash consent payment of $28.12. Holders who tender their Notes and deliver
their consents after the Consent Date, but prior to the Expiration Date, will
receive the tender offer consideration, which consists of the Total
Consideration less the cash consent payment of $28.12 per $1,000 principal
amount of tendered Notes.
Withdrawal and revocation rights with respect to tendered Notes and
delivered consents expired as of the Consent Date. Accordingly, holders may
no longer withdraw any Notes previously or hereafter tendered or revoke any
consents previously or hereafter delivered, except in the limited
circumstances described in the Offer to Purchase and Consent Solicitation
Statement of MQ Associates, dated December 31, 2007 (the "Statement").
The tender offer and consent solicitation remains open and is scheduled to
expire at midnight, New York City time, on January 29, 2008, unless extended
(the "Expiration Date").
The complete terms and conditions of the tender offer and consent
solicitation are described in the Statement and the related Consent and Letter
of Transmittal, copies of which may be obtained by contacting D.F. King & Co.,
Inc., the Information Agent for the tender offer and consent solicitation, at
(212) 269-5550 (for brokers and banks) or (800) 859-8509 (for all others).
Questions regarding the tender offer and consent solicitation may be directed
to the Dealer Manager and Solicitation Agent for the tender offer and consent
solicitation: Jefferies & Company, Inc, which may be contacted at
(888) 708-5831 (toll-free).
The tender offer and consent solicitation are being made only through and
subject to the terms and conditions set forth in the Statement and the related
Consent and Letter of Transmittal.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offering, solicitation or sale would be unlawful. Under no circumstances
shall this press release constitute a solicitation of consents to the
Amendment. No recommendation is made as to whether holders of the Notes
should give their consent.
Forward Looking Statements
This press release contains or may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include, without limitation, statements regarding MQ
Associates' future growth and profitability, growth strategy and trends in the
industry in which it operates. These forward-looking statements are based on
MQ Associates' current expectations and are subject to a number of risks,
uncertainties and assumptions. MQ Associates can give no assurance that such
forward-looking statements will prove to be correct. Among the important
factors that could cause actual results to differ significantly from those
expressed or implied by such forward-looking statements are the recently
closed merger with Novant, general economic and business conditions, the
effect of healthcare industry trends on third-party reimbursement rates and
demand for its services, limitations and delays in reimbursement by third-
party payors, changes in governmental regulations that affect its ability to
do business, actions of its competitors, introduction of new technologies,
risks associated with its acquisition strategy and integration costs, and the
additional factors and risks contained in MQ Associates' Annual Report on Form
10-K for the year ended December 31, 2006, as well as its other periodic
reports filed with the SEC. MQ Associates undertakes no obligation to publicly
update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as otherwise required by
law.
MedQuest is a leading operator of independent, fixed-site, outpatient
diagnostic imaging centers in the United States. MedQuest centers provide
high quality diagnostic imaging services using a variety of technologies
including magnetic resonance imaging (MRI), computed tomography (CT), nuclear
medicine, general radiology, bone densitometry, ultrasound and mammography.
MedQuest operates a network of 92 centers in 13 states located primarily
throughout the southeastern and southwestern United States.
SOURCE MQ Associates, Inc.

Maggie Sayre, Public Relations Representative, for MQ Associates, Inc.,
+1-202-460-3647, maggie@sayreconsulting.com