IMEXHS Limited to buy RIMAB SAS for A$8.5 million

SYDNEY, AUSTRALIA: IMEXHS Limited has entered into an agreement for the acquisition of Colombia-based radiology services provider RIMAB SAS for approximately A$8.5 million, a news release said.

RIMAB is associated with IMEXHS through management ownership and joint agreements. The acquisition will remove related party transactions and increase transparency for shareholders. As RIMAB is substantially owned by CEO and Director Dr German Arango and Chief Medical Officer (CMO) Dr Jorge Marin, the Board has sought an expert opinion on the transaction and the acquisition is subject to shareholder approval at an Extraordinary General Meeting to be held in mid-September 2021.

RIMAB SAS, using IMEXHS Aquila software, provides radiology diagnostic and interpreting services to major medical institutions in Colombia and Spain. The acquisition will provide IMEXHS with

significant opportunities for growth through the provision of radiology services using IMEXHS software in Colombia, Latin America, Spain and the USA. Key drivers of growth in these markets include an aging population, increased demand for diagnostic imaging and more accurate and technologically advanced imagery (MRI, CT scans etc), and the rising demand to outsource radiology services.

IMEXHS Chairman Doug Flynn said: “The Board of IMEXHS has undertaken extensive due diligence on RIMAB SAS and on the radiology services sector in Latin America. RIMAB has shown strong growth in recent years and continues to do so in 2021. The business has a reputation for the delivery of high-quality services and has proven to be a valued partner.”

Mr Flynn added: “The radiology services sector is benefiting from several growth drivers including increasing demand for studies, the outsourcing of radiology services by major hospital groups and the growth in teleradiology. The acquisition of RIMAB will enhance our competitive position, simplify our management structure, improve profitability and provide greater transparency to shareholders by removing any perceived related party conflicts. It also allows IMEXHS to continue its focus as a developer and provider of state-of-the-art cloud-based medical imaging technology throughout Latin America and the USA.”

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