Dresner Partners Advises Medical Resources in Its Sale to Multiple Buyers in Separate Transactions

Mon Jul 6, 2009 1:09pm EDT
 
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  CHICAGO, IL, Jul 06 (MARKET WIRE) -- 
Dresner Partners, a leading FINRA-registered, middle-market investment
bank and IMAP member firm, announced today that it advised Bloomfield,
N.J. headquartered Medical Resources, Inc. (MRI) in the sale of
substantially all the assets of the company in separate transactions to
multiple buyers including RadNet, Inc. (NASDAQ: RDNT), InSight Health
Corp. and Tri-State Imaging Consultants, LLC, among others.

    Prior to its sale, MRI was a leading provider of multi-modality outpatient
imaging services in 10 states in the Northeast, Midwest and South. The
company provided its imaging and associated services through freestanding
facilities and (depending on the market) its services included Magnetic
Resonance Imaging (MRI), Computed Tomography (CT), X-ray and Fluoroscopy,
Ultrasound, Nuclear Medicine, Mammography, Stereotactic Needle Biopsy,
Bone Densitometry and Positron Emission Tomography (PET). Despite a
challenging regulatory environment for the diagnostic imaging sector, in
particular the effects of the Deficit Reduction Act of 2005, as well as
the general economic downturn, the company maintained a strong position
in its markets. In a recent survey taken by Intelesys, a leader in
patient satisfaction reporting, the company's centers scored 98 percent
for overall patient satisfaction.

    John Valla, MRI's President and Chief Executive Officer, commented, "The
professionalism, skills and persistence that Dresner Partners contributed
to the strategy and process were critical in closing this unique
transaction." John M. Codd, MRI's Associate General Counsel, added,
"Dresner Partners' presence at the table was necessary in order to proceed
with an orderly liquidation of the company at the highest possible value.
They exceeded all expectations."

    The transaction was co-managed by Ejaz Elahi, Director of Dresner
Partners' Healthcare Practice, and Steven M. Dresner, President of
Dresner Partners. Ejaz Elahi stated, "We are pleased to have successfully
facilitated the completion of this series of strategic transactions on
behalf of MRI in this challenging regulatory and economic environment.
The strategy of pursuing multiple simultaneous transactions involved
higher complexity, but resulted in a successful outcome." Steve Dresner
added, "It was a pleasure to work with John Valla and John Codd during
this process. I appreciate all the diligence, hard work and creativity of
both the MRI and Dresner transaction teams."

    About Dresner Partners

    Dresner Partners is a FINRA-registered, middle-market investment bank
based in Chicago, Illinois. Founded in 1991, Dresner Partners provides
financial advisory services to business owners and managers throughout
the world, including institutional private placements of debt and equity,
merger and acquisitions, valuations and strategic consulting services.
Dresner Partners is also a member of IMAP, an exclusive global
organization of leading merger and acquisition advisory services. Its
affiliate company, Dresner Corporate Services, is a strategic
communications firm specializing in public and investor relations. More
information is available at www.dresnerpartners.com.

    About Medical Resources, Inc.

    Founded in 1979, Medical Resources, Inc., operated and managed fixed-site
outpatient diagnostic imaging centers in the United States, with imaging
centers 10 states. The company's diagnostic imaging centers provided a
wide range of imaging services in a comfortable, service-oriented
environment to patients referred by physicians.

    

For Media Inquiries:
David Gutierrez
(312) 780-7204
dgutierrez@dresnerco.com

Stephen Mullin
(312) 780-7213
stevemullin@dresnerco.com

For Transaction Related Inquiries:
Ejaz Elahi
(312) 780-7256
eelahi@dresnerco.com

Steve Dresner
(312) 780-7206
sdresner@dresnerco.com

Copyright 2009, Market Wire, All rights reserved.

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