Medical Imaging Holdings, Inc. Acquires Sonora Medical Systems

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Mon Oct 5, 2009 2:01pm EDT

Technology Leader with Proprietary Test Equipment and Advanced Repair
Capabilities Expands and Further Differentiates Service Offerings
GOLDEN, Colo.--(Business Wire)--
Medical Imaging Holdings, Inc., a holding company formed by Galen Partners,
today announced it has acquired the Sonora Medical Systems business from
Misonix, Inc. (Nasdaq: MSON). The Sonora Medical Systems business will be
combined with the businesses of Barrington Medical Imaging and Echoserve, which
were acquired by Medical Imaging Holdings, Inc. on September 18, 2009. Galen
Partners, a leading healthcare private equity firm, led the transactions and
made a significant investment of growth capital into Medical Imaging Holdings,
Inc. concurrent with its initial acquisitions. 

Sonora Medical Systems is a technology leader and innovator in the development
and marketing of proprietary test equipment and biomedical tools for the
ultrasound diagnostic imaging field and other specialty markets. Sonora has also
developed advanced repair capabilities for ultrasound probes and certain MRI
component parts, and is a leading provider of ultrasound probe repair services
to the medical imaging market. In addition, Sonora is the world's leading
acoustic power testing laboratory, and the only one that is accredited to ISO
17025. 

The Sonora acquisition is expected to expand and further differentiate the
combined company`s service offerings and technical capabilities, as well as
provide an advanced research and development capability for continued
innovation. Wayne Moore, President and founder of Sonora Medical Systems, has
been named President - Advanced Development Group and Chief Strategy Officer of
the combined company and will remain an integral part of the combined company`s
leadership team. 

"We are pleased that we were able to close this important strategic transaction
for Medical Imaging Holdings," commented David Jahns, Managing Director of Galen
Partners. "We believe the Sonora acquisition will provide important capabilities
for the combined company to further differentiate its offerings and expand its
share of the medical imaging services market. We look forward to continuing to
partner with this management team to explore additional strategic opportunities
to provide competitive differentiation and drive growth." 

"Under Wayne Moore`s leadership, Sonora has been a long-time leader and
innovator in the development of proprietary test equipment, biomedical tools and
advanced parts repair capabilities for the ultrasound industry and other
diagnostic imaging markets," commented Jeff Soinski, Chief Executive Officer of
Medical Imaging Holdings, Inc. "By combining Sonora`s intellectual property and
advanced technical capabilities with the expanded field service organization and
technical operations of our recent Barrington and Echoserve acquisitions, we are
well-positioned to provide an enhanced level of service and expand our value
proposition for our diagnostic imaging customers." 

"Declining reimbursement rates coupled with technical advances in the medical
imaging market have created the need now more than ever to use our current
proprietary technologies, as well as new and innovative solutions developed by
us, to broaden our definition of service and drive greater efficiency for our
customers, with a continued focus on patient safety and clinical efficacy,"
added Wayne Moore, President - Advanced Development Group and Chief Strategy
Officer. "I am excited to be part of a larger organization, focused exclusively
on bringing the highest level of service, quality and continued innovation to
the diagnostic imaging market." 

Sonora Medical Systems, Barrington Medical Imaging, and Echoserve will continue
to conduct business under their existing names and maintain operations at their
current facilities during the integration process. It is anticipated that a new
name for the combined company will be introduced later this year. 

About Medical Imaging Holdings, Inc.

Medical Imaging Holdings, Inc. is a private holding company formed by Galen
Partners, a leading healthcare private equity firm, to execute a consolidation
of high-potential, technology-enabled companies and assets in the medical
imaging market. Through its initial acquisitions and subsequent investment,
Medical Imaging Holdings seeks to provide comprehensive imaging solutions to its
operating company customers and build the pre-eminent third party service
provider for medical imaging equipment across multiple modalities and vendor
platforms. The company is headquartered in Golden, Colorado. 

About Galen Partners

Galen Partners is a leading healthcare private equity firm based in Stamford,
Connecticut. The firm focuses on growth equity investments in healthcare
technology enabled services, medical devices and specialty pharmaceutical
companies. With nearly $1 billion under management raised through five funds,
Galen has invested in more than 70 companies since 1990. The partnership seeks
opportunities to actively participate as a lead investor in which it can provide
between $10 million to $30 million of growth equity capital in healthcare
related companies with established revenue. The firm continues a tradition of
strategic collaboration and partnership with its portfolio company management
teams to build healthcare market leaders. For more information, please visit
Galen's Web site at www.galen.com. 

About Sonora Medical Systems

Sonora Medical Systems is an ISO-9001 and ISO 13485 certified provider of high
quality products and services to the diagnostic ultrasound and MRI markets. Its
world renowned acoustic power testing laboratory is ISO 17025 accredited.
Sonora`s products and services are marketed on a direct basis to healthcare
providers, dealers and service organizations in North America, and both directly
and through distribution to partners in non-U.S. markets. Customers include
large and small hospitals, stand-alone imaging centers, clinics, Independent
Service Organizations (ISOs) and Original Equipment Manufacturers (OEMs).
Additional information on Sonora is available at its Web site at
www.4sonora.com. 

About Misonix, Inc.

Misonix, Inc. (Nasdaq: MSON) designs, develops, manufactures and markets
therapeutic ultrasonic medical devices and laboratory equipment. Misonix's
therapeutic ultrasonic platform is the basis for several innovative medical
technologies. Addressing a combined market estimated to be in excess of $3
billion annually; Misonix's proprietary ultrasonic medical devices are used for
wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and
other surgical and medical applications. Additional information is available on
the Company's Web site at www.misonix.com.

Medical Imaging Holdings, Inc.
Jeff Soinski, 303-951-8040
Chief Executive Officer
jsoinski@echoserve.com
or
G. Wayne Moore, 303-682-5871
President - Advanced Development Group & Chief Strategy Officer
gwm@4sonora.com
or
Galen Partners
David Jahns, 203-653-6440
Managing Director
djahns@galen.com
or
David Azad, 203-653-6423
Principal
dazed@galen.com




Copyright Business Wire 2009

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