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Prism Medical Ltd acquires 100 pct of MedCare Products Inc

Monday, 10 Feb 2014 08:02am EST 

Prism Medical Ltd:Says It has acquired an additional 51 pct ownership interest in MedCare Products Inc. (MedCare), resulting in MedCare becoming a 100 pct owned subsidiary.Says In Dec. of 2012, Prism Medical acquired a 49 pct ownership interest in MedCare for $450,000.Says at the same time, Prism Medical also acquired MedCare's manufacturing assets and inventory and an exclusive supply contract for a combined cost of $10 mln with a holdback of $1.25 mln related to the acquired inventory and other matters.Says the remaining 51 pct of MedCare was purchased for $268,000 and the remaining holdbacks from the Dec. 2012 transaction were settled for a payment of $532,000.Says while Prism will continue to exclusively supply all the products MedCare sells in the moving and handling industry, the supply contract was terminated at closing upon MedCare becoming a 100 pct owned subsidiary. 

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24 Apr 2015