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FONAR Sells Upright MRI in Germany
Melville, NY, Sept. 15: FONAR Corporation (NASDAQ: FONR), The MRI Specialist™,
announced today that it has sold its first Upright™ MRI in Germany. The sale
marks FONAR's entry into Germany, the largest market for medical devices in
Europe. In addition to comprehensive coverage of the United States, FONAR is
increasing its marketing efforts in the European market. In Fiscal 2005, the
Company sold four (4) - Upright™ MRIs in Europe compared to a total of two prior
to that.
Commenting on the entry into Germany, Raymond
Damadian, president and founder of FONAR, said, "We are excited about the
tremendous opportunity that presents itself with the opening of this new market.
With the increasing recognition of FONAR's Upright(TM) MRI as the most advanced
MRI technology for optimal pathology and patient care, competitive markets such
as Germany are ideal for our enhanced sales initiatives. We intend to leverage
our substantial technological edge and our entry into Germany to capitalize on
this market with its installed base of approximately 1200 MRI units."
FONAR's latest Upright™ MRI customer is a
radiology medical practice based in Cologne, Germany. According to the customer,
the selection of FONAR was determined after conducting its due diligence.
Research to compare several leading global MRI vendors took into consideration
the success of current Upright™ MRI customers, issues affecting patients,
customer service and support, and financial stability of the manufacturer. In
addition, the diagnostic advantages of Position™ imaging (pMRI™), which is
available only on the FONAR Upright™ MRI, was significant. Based on this
criteria, the FONAR Upright™ MRI was chosen as the optimal solution.
FONAR was incorporated in 1978, making it the
first, oldest and most experienced MRI manufacturer in the industry. FONAR
introduced the world's first commercial MRI in 1980, and went public in 1981.
Since its inception, the Company has successfully installed MRI scanners for
customers around the world. FONAR's stellar product line includes the Upright™
MRI (also known as the Stand-Up™ MRI), the only whole-body MRI that performs
Position™ imaging (pMRI™) and scans patients in numerous weight-bearing
positions, i.e. standing, sitting, in flexion and extension, as well as the
conventional lie-down position.
The FONAR Upright™ MRI often sees the patient's
problem that other scanners cannot because they are lie-down only. With over
100,000 patients scanned, the patient-friendly Upright™ MRI has a near zero
claustrophobic rejection rate by patients. As a FONAR customer states, "If the
patient is claustrophobic in this scanner, they'll be claustrophobic in my
parking lot." Approximately 85% of patients are scanned sitting while they watch
a 42" flat screen TV. The Company's latest MRI scanner is the FONAR 360™, a
room-size recumbent scanner that optimizes openness while facilitating physician
access to the patient.
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