Related Quotes Sym. Price Chg. BANY Trade News 0.007 0.0014 Banyan Expands Distribution of New Electro Diagnostic Testing Device
Dec 5, 2006 08:00:10 (ET)
LOS ANGELES, Dec 05, 2006 (BUSINESS WIRE) -- Banyan Corporation (BANY, Trade ), franchisors of nationally branded Chiropractic USA clinics, and owner of Premier Medical Group and Virtual Medical Systems, Inc. (VMS), announced it has entered a new distribution agreement with GP Diagnostics of Lexington, South Carolina, valued to add revenues of $3.5 million from sales of its innovative VT3000 electro - diagnostic testing device.
Kevin Gobbi, CEO of GP Diagnostics, said: "I'm very excited about selling VMS's new VT3000. It is a revolutionary electro-diagnostic device, particularly appealing to health care practitioners due to its ease of operation, convenience and the live viewing component. We are currently ramping up to commence sales, and I believe we will be able to conservatively sell 150 of these units in 2007."
Banyan CEO Michael Gelmon added: "We are very pleased to announce this agreement with GP Diagnostics. VMS and GP Diagnostics project earnings of $24,000 per year per machine. Thus, on an annualized basis, we expect to add an excess of $3.5 million in revenue as a first year sales effort."
About Banyan Corporation:
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded Chiropractic clinics throughout North America by way of franchising and the use of uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Virtual Medical Systems, Inc., provide diagnostic testing services to physicians nationwide in addition to marketing the VT3000 Electro-diagnostic testing machine.
This Press Release contains or incorporates by reference forward looking statements including certain information with respect to plans and strategies of Banyan Corporation. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Banyan Corporation operations that could differ materially from those indicated by such forward looking statements.
SOURCE: Banyan Corporation
Banyan Corporation, Los Angeles
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