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OMI Medical Imaging, Inc. and Affiliated Companies File Chapter 11 Reorganization


1/17/2008 6:56:50 AM

WESTON, Fla., Jan. 16 /PRNewswire/ -- OMI Medical Imaging, Inc. (OMI), announced today that it and certain affiliated companies filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of Florida on January 15, 2008.

Since the Deficit Reduction Act reimbursement cuts took effect on January 1, 2007, the company has been unable to meet certain financial obligations to its secured lenders.

OMI operates 21 free standing imaging centers, providing MRI and CT procedures. The centers are primarily located in Dade, Broward and Palm Beach counties.

During the bankruptcy proceedings, OMI will maintain normal business operations for their referring physicians, patients and employees. The company will continue to focus its efforts on providing quality service to its patients.

Chief Executive Officer Nelson Acosta stated, "We are very optimistic about the future of our business. The Chapter 11 filing will allow us to reorganize and restructure our operations so that we can fine tune our business and focus on providing the best possible service to our referring physicians and their patients. This is a very positive step to ensure the future viability of our company in a very challenging time for the medical imaging industry."

OMI has retained the services of GlassRatner Advisory & Capital Group, LLC to assist in restructuring its operations during the Chapter 11 proceeding. Thomas Santoro, a principal with GlassRatner, has been named Chief Restructuring Officer and will work with Mr. Acosta and the existing management team to develop and execute a plan to emerge from Chapter 11. Mr. Santoro has extensive experience leading companies through reorganizations and has held senior executive positions with several healthcare companies that successfully dealt with financial and operational challenges. OMI's legal advisors are Shutts & Bowen, LLP.

About OMI Medical Imaging, Inc. (OMI)

OMI is the leading provider of MRI and CT diagnostic services in Florida, with 21 convenient outpatient facilities. OMI operates nine open MRI units, eight high-field, short bore units and four CT units. OMI makes MRI and CT available and comfortable for all patients.

CONTACT: Tom Santoro of OMI Medical Imaging, Inc., +1-954-612-4017,
tsantoro@glassratner.com

Web site: http://www.omi-group.com/



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