Sagemark to buy Premier P.E.T. Imaging, Premier Cyclotron

Financial services firm Sagemark Companies may soon enter the medical imaging market. The Houston-based firm has signed a binding letter of intent to acquire PET center company Premier P.E.T. Imaging International and cyclotron company Premier Cyclotron International (PCI). Premier and PCI have not yet begun operations.

In addition to purchasing all of the capital stock of Premier and PCI in a stock swap, Sagemark has agreed to provide $1 million in working capital to Premier to establish and operate the PET centers. Sagemark will also guarantee Premier's obligations under any lease or purchase agreement of PET scanning equipment, according to Sagemark.

Dr. Stephen Schulman will continue to serve as the chairman and CEO of Premier and PCI. In addition to his roles at Premier and PCI, Schulman is also the founder and CEO of imaging center operator Premier Health Services, which primarily offers MRI services.

The deal is subject to due diligence, and approval by the respective firms' boards of directors, among other conditions.

By staff writers
April 5, 2001

Copyright © 2001

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