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PRESS RELEASE DATED May 24, 2007 EXHIBIT 99.1
[RADNET, INC. LOGO]
FOR IMMEDIATE RELEASE
RADNET ANNOUNCES AGREEMENT TO ACQUIRE BORG IMAGING CENTERS IN
ROCHESTER, NY
o ACQUISITION HELPS RADNET SOLIDIFY ITS LEADING POSITION IN
THE
ROCHESTER MARKET
o BORG'S SIX IMAGING CENTERS SHOULD ADD APPROXIMATELY $14
MILLION OF
ANNUAL REVENUE TO RADNET
o THE RADIOLOGISTS OF BORG IMAGING GROUP WILL JOIN WITH IDE
MEDICAL
GROUP, CREATING THE LARGEST OUTPATIENT RADIOLOGY GROUP IN
ROCHESTER;
THE RESULTING GROUP WILL SERVICE THE COMBINED RADNET AREA
CENTERS
LOS ANGELES, CALIFORNIA, MAY 24, 2007 - RADNET, INC. (NASDAQ:
RDNT), a national
leader in providing high-quality, cost-effective diagnostic
imaging services
through a network of owned and operated outpatient imaging
centers, today
reported that it has signed a definitive agreement to purchase
substantially all
of the assets of Borg Imaging Group for $11.7 million in cash
plus the
assumption of approximately $1.0 million of debt.
Founded in 1983, Borg Imaging Group is a leading provider of
outpatient
diagnostic imaging in Rochester. Borg owns and operates six
facilities, five of
which are multimodality, offering a combination of MRI, CT,
X-ray, Mammography,
Fluoroscopy and Ultrasound. After combining the Borg centers
with RadNet's
existing Rochester area centers, RadNet will have 11 facilities
in Rochester.
"This acquisition represents our first acquisition of a
multi-facility operator
in one of our core markets since our acquisition of Radiologix
in November of
last year. For the last 25 years, Borg has been a well
recognized, high-quality
imaging provider in the Rochester medical community. The merger
of the Borg and
IDE professional groups creates the clear leader in outpatient
radiology
services in this market." said Dr. Howard Berger, President and
Chief Executive
Officer of RadNet.
"We previously stated that it is our goal to be the leading
imaging provider in
the markets in w
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