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CML HealthCare Inc. Announces Second Series of Diagnostic Imaging Clinic and License Divestments for Gross Proceeds Totaling $15.5 Million
-Including the first series of divestitures, gross proceeds to date total $60.3 million-
MISSISSAUGA, ONTARIO--(Marketwired - July 15, 2013) - CML HealthCare Inc. (CLC.TO) (the "Company" or "CML"), a leading Canadian community-based provider of medical diagnostic testing services is pleased to announce the second of a series of transactions to divest its diagnostic imaging operations, excluding its two Ontario MRI/CT locations. CML announced in January 2013, its intention to exit the majority of its diagnostic imaging business.
In this second series of divestitures, the Company has entered into several sales agreements for 12 imaging locations and 13 inactive imaging licenses in Ontario for total gross proceeds of $15.5 million. These locations generated annual revenues of $16.6 million in 2012. Closing of these transactions is subject to customary conditions and will take place at various times over the third and fourth quarter of 2013. Net proceeds will be used to reinvest in the business and to pay down debt.
Including the first series of divestitures announced on June 11, 2013 in which 28 imaging locations and 17 inactive imaging licenses were sold for $44.8 million, CML has announced sales agreements for 40 of its 80 imaging locations and 30 inactive Ontario imaging licenses for total gross proceeds of $60.3 million.
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is a leading Canadian community-based, medical diagnostic services provider. In addition to its network of 112 Client C.A.R.E. Centres in Ontario and 82 imaging centres in Ontario and British Columbia, CML operates three subsidiaries: 1) Hemostasis Reference Laboratory, focused on specialized coagulation testing and equipment calibration for international customers; 2) CML Bioanalytics, a specialty laboratory providing customized clinical trial testing for the biotechnology and pharmaceutics industries; and 3) Rocky Mountain Analytics, providing specialized testing for naturopaths and physicians practicing integrated medicine in Canada. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit www.cmlhealthcare.com or follow CML on Twitter @cmlhealthcare.
