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UPDATE: Dresner Partners Receives Turnaround Management Association Chicago/Midwest Chapter Middle-Market Transaction of the Ye

^{Published on 2010-05-19 07:50:13 - Market Wire}
 

CHICAGO, IL--(Marketwire - May 19, 2010) - Dresner Partners, a leading FINRA-registered, middle-market investment bank and IMAP member, received the Middle Market Transaction of the Year Award by the Turnaround Management Association, Chicago/Midwest Chapter (TMA) for its breakup and sale of Medical Resources, Inc. (MRI). Steven Dresner and members of Dresner Partners' healthcare team, Ejaz Elahi and Larissa Galan, were presented with the award at a breakfast ceremony held on May 14 in Chicago, Illinois.

Substantially all the assets of MRI were sold in twelve separate transactions to ten separate buyers including RadNet, Inc. (NASDAQ: [ RDNT ]), InSight Health Corp. and Tri-State Imaging Consultants, LLC. Prior to its sale, MRI was a leading provider of multi-modality outpatient imaging services in 10 states in the Northeast, Midwest and South. The company provided its imaging and associated services through freestanding facilities and (depending on the market) its services included Magnetic Resonance Imaging, Computed Tomography (CT), X-ray and Fluoroscopy, Ultrasound, Nuclear Medicine, Mammography, Stereotactic Needle Biopsy, Bone Densitometry and Positron Emission Tomography (PET).

Steven Dresner, President of Dresner Partners, commented, "Our healthcare team did an outstanding job of taking a company that was experiencing difficulty, performed extraordinary due diligence and created a transaction that realized significant value for its shareholders. I want to thank the Turnaround Management Association, Chicago/Midwest Chapter, for recognizing our team's efforts in completing the MRI transaction with such positive results."

Ejaz Elahi added, "We are pleased to have successfully facilitated the completion of this series of strategic transactions over a one-year period on behalf of MRI in this challenging regulatory and economic environment. The strategy of pursuing multiple simultaneous transactions involved higher complexity, but resulted in a higher collective value than a single transaction would have yielded. This process resulted in the preservation of approximately 900 jobs, the continuation of high-quality imaging services, and a satisfactory outcome for the company's shareholders and creditors."

John Valla, MRI's President and Chief Executive Officer, commented, "The professionalism, skills and persistence that Dresner Partners contributed to the strategy and process were critical in closing this unique transaction."

John M. Codd, MRI's Associate General Counsel, added, "Dresner Partners' presence at the table was necessary in order to proceed with an orderly liquidation of the company at the highest possible value. They exceeded all expectations."

About Dresner Partners
Dresner Partners is a FINRA-registered, middle-market investment bank headquartered in Chicago, Illinois. Founded in 1991, Dresner Partners provides financial advisory services to business owners and managers throughout the world, including institutional private placements of debt and equity, merger and acquisitions, valuations and strategic consulting services. Dresner Partners is also a member of IMAP, an exclusive global organization of leading merger and acquisition advisory firms. Its affiliate company, Dresner Corporate Services, is a strategic communications firm specializing in public and investor relations. More information is available at [ www.dresnerpartners.com ] or [ www.imap.com/locations/office.cfm?OfficeID=416 ].

About Medical Resources, Inc.
Founded in 1979, Medical Resources, Inc., operated and managed fixed-site outpatient diagnostic imaging centers in the United States, with imaging centers in 10 states. The company's diagnostic imaging centers provided a wide range of imaging services in a comfortable, service-oriented environment to patients referred by physicians.

About the Turnaround Management Association Chicago/Midwest Chapter
The Turnaround Management Association Chicago/Midwest Chapter ([ www.chicago.turnaround.org ]) is one of 32 Turnaround Management Association chapters in North America. The Turnaround Management Association (TMA) is the only international non-profit association dedicated to corporate renewal and turnaround management. Its international headquarters is in Chicago. Established in 1988, TMA has more than 9,000 members in 46 chapters, including 32 in North America, and one each in Australia, Brazil, the Czech Republic, Finland, France, Germany, Italy, Japan, the Netherlands, Southern Africa, Spain, Sweden, Taiwan and the UK, with a chapter in formation in Hong Kong/China.