SOURCE: Banyan Corporation

September 01, 2010 09:30 ET

Banyan Subsidiary Premier Medical Group Enters Joint Venture Agreement With PR Medical, Inc.

BOCA RATON, FL--(Marketwire - September 1, 2010) -  Banyan Corporation (PINKSHEETS: BNYN) announced that its subsidiary, Premier Medical Group, Inc. ("Premier"), has entered into a Joint Venture Agreement (the "Agreement") with PR Medical, Inc., ("PR Medical") a provider of TENS Units to health care practitioners. The Agreement calls for Premier to provide operational management and support for PR Medical as well as directing the sales force.

"TENS" is the acronym for Transcutaneous Electrical Nerve Stimulation. A "TENS Unit" is a pocket size, portable, battery-operated device that sends electrical impulses to certain parts of the body to block pain signals. TENS Units should only be used under the direction of a physician. Electrodes are attached to the surface of the skin over or near the area where the patient is experiencing pain. TENS are an agreeable alternative to pharmaceuticals or other kinds of pain relief management.

Premier's head of sales, Glen Collins, stated: "As we currently provide medical diagnostic services, we have a complete infrastructure that allows us to take over management and operational support for PR Medical. The PR Medical product is complementary to our own business and we feel we will be able to utilize our current sales operations to increase PR Medical sales."

The Joint Venture calls for Premier to share profits equally with PR Medical.

About Banyan Corporation:

Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiaries, Premier Medical Group, Inc. and affiliated companies, provide diagnostic testing services to physicians nationwide.

This Press Release contains or incorporates by reference forward looking statements including certain information with respect to plans and strategies of Banyan Corporation. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes," "suggests," "anticipates," "plans," "expects," and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Banyan Corporation operations that could differ materially from those indicated by such forward looking statements.

Contact Information