March 2007

Banyan Subsidiary announces fourth acquisition

Banyan Corporation has acquired the customer base of Medical Resources, Inc. of Virginia, making Premier Medical Group one of the largest electro diagnostic testing companies in the country.

Michael Gelmon, Banyan’s CEO, said the acquisition would initially add about $1.3 million in annual revenue to Premier, based on the number and size of accounts acquired, as well as add substantial revenue to Virtual Medical Systems (VMS). VMS sells the highly recognized VT3000 nerve testing device to medical and chiropractic practices across the United States

Banyan agreed to pay Medical Resources 30 percent of the gross collections from its former accounts until the purchase price of $440,000 has been paid in full.

Source: BusinessWire, www.businesswire.com

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