RasNet Acquires Diagnostic Imaging Group for ~$56.7M, 1.5M Shares of RadNet Stock

RadNet, Inc.

today reported it acquired Diagnostic Imaging Group, LLC ("DIG") for approximately $56.7 million plus 1.5 million shares of RadNet Common Stock.  The acquisition should provide RadNet with approximately $70 million of additional revenue on an annual basis. Founded in 1985 and headquartered in Hicksville, Long Island, DIG owns and operates 17 imaging centers in the New York City area, including nine facilities in Brooklyn, four facilities in Queens, two facilities in the Bronx and one facility in each of Manhattan and Nassau County.  DIG employs more than 600 people and performs over 750,000 imaging procedures per year.  DIG's centers are multimodality and are accredited by the American College of Radiology ("ACR"). Including the newly acquired DIG facilities, RadNet now operates 56 facilities in the boroughs of New York City and Rockland and Nassau Counties.  Adding its northern New Jersey facilities (owned in conjunction with Barnabas Health), RadNet operates 74 facilities in the greater New York Metropolitan area. Dr. Howard Berger, President and Chief Executive Officer of RadNet, noted, "We are