| Press Release: May 8, 2006 | |||||
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UK and Ireland Deal Signals Further Overseas Growth for Pro Medicus
Leading medical IT and e-health company, Pro Medicus Limited (ASX:PME), announced today that it has signed a three year deal with UK based Ascent Health, a wholly owned subsidiary of Health Inventures, to exclusively use Pro Medicus digital integration software in its imaging centres. The technology will initially be installed in a site at Waterford in the Republic of Ireland, generating around $450,000 in licensing revenue and $150,000 in ongoing service revenue for Pro Medicus. A second site in Oxford, England has also been confirmed. Health Inventures, a fast growing US based medical centre management and investment company is leveraging its considerable expertise in ambulatory care centres to target the diagnostic imaging market in the US, UK and Ireland. The company's model is to partner with local shareholders to develop and manage diagnostic imaging centres. Health Inventures has also chosen Pro Medicus and its partner Agfa for its current and prospective US imaging Centre sites. "When Health Inventures and their subsidiary Ascent Health wanted to standardise on their digital technology, we were one of the very few providers who had a proven track record of operating in both the US and the UK," Pro Medicus CEO Dr Sam Hupert said. "There is no question that our presence in the UK since 2003, when we installed our software at 17 radiology sites, really helped us secure this deal". "Ascent Health opens up a new growth avenue for us with digital imaging in the UK and Ireland and we expect Health Inventures to be a significant Agfa/Pro Medicus customer in North America." All revenue from the UK and Ireland sales will flow directly to Pro Medicus with licensing revenues from the Waterford site expected in the first half of the 2007 financial year while revenues from the Oxford site are not expected to flow until 2008. Sales to Health Inventures in the US will provide revenue to Pro Medicus as part of the three year North American contract with Agfa. "We now have a strong and growing presence in four of the largest English speaking markets in the world and this deal proves how strategically important that can be for us. It certainly helps us achieve our goal of significantly developing our revenue streams in offshore markets." For further information:
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