September 2002

Banyan Acquires Chiropractic Clinics

Los Angeles – Banyan Corporation has announced that its wholly owned subsidiary, Chiropractic USA, Inc., will acquire a chain of Louisiana chiropractic clinics from Advanced Health Center, Inc. in exchange for franchise and management agreements.

Chiropractic USA, Inc. has entered a 10-year, $20 million agreement with Southern Health Care, Inc., to provide management, marketing, administration and full operational chiropractic services for the clinics.

In addition, Southern Health Care, Inc., has agreed to enter Chiropractic USA’s standard franchise agreements for each of the clinics it is acquiring. Chiropractic USA will also establish its chiropractic franchised operations utilizing these clinics as its flagship as well as its training and operations center.

“This is an excellent transaction for Chiropractic USA as it confers all of the benefits of the clinics to us via the management agreement without some of the inherent risks associated with ownership in the health-care field,” said Michael Gelmon, Banyan’s CEO.

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