Premier Diagnostic Health Services Inc.

Premier Diagnostic Health Services Inc.

August 29, 2013 18:43 ET

Premier Announces Third Quarter Operating Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2013) -


Premier Diagnostic Health Services Inc. ("Premier" or the "Company") (CNSX:PDH) is pleased to announce the third quarter operating results ended June 30, 2013, of the Company's clinic located at the Beijing Military Police Hospital #3 (the "Beijing Hospital"). The MRI Clinic, operating under the Company's brand "Center for Advanced Diagnostics" is owned and operated, as a Cooperative Joint Venture with the Hospital. It is a full service MRI diagnostic clinic and employs a staff of 10 people.

Medical diagnostic scans at the Clinic, opened in October 2010, have enjoyed significant growth, increasing from approximately 150 scans per month to more than 1200 scans per month during the last quarter of operations. The Clinic is currently operating 12 hours per day and 7 days as week. During the last 3 quarters of operation the clinic has generated net revenue to the Company of more than US$ 330,000.

Premier is also pleased to announce that, based upon the exceptional operating results of its Beijing Clinic, the experience it has gained in the China market and recent announcements by the Chinese government encouraging foreign investment in the health care industry, Premier is undertaking a review of its structure, operations and financing opportunities in China.

In this regard, the Company has retained DLR Capital Corporation ("DLR"), a management consulting firm, to provide advice and assistance in reorganizing the Company's Hong Kong operations, planning the expansion of the Company's diagnostic business in China and preparing a new business and financial plan. In consideration of the consulting services, DLR will receive a service fee of $50,000 payable by issue of 1,000,000 shares at an issue price of $0.05 per share. The Common shares will be subject to a 4 month hold period from the date of issue of the Shares. Ian D. Robertson, a director of Premier and an officer and director of DLR, will guide the process.

Denis Tusar, in announcing the results of the Beijing Clinic and organizational review stated: "We have spent five long and lean years learning about the health care business in China, how to operate profitably in the market, developing great relationships with various levels of government, and building a strong and dedicated team. It is now time to take what we have learned and implement the plan to aggressively grow our business in China."

About Premier Diagnostic Health Services Inc. ("PDH")

PHD is a Canadian company that provides advanced medical diagnostic tools utilizing of PET/CT Technology and/or MRI Technology and related diagnostic skills in Canada and, in partnership with hospitals and clinics in the Peoples Republic of China. The company's vision is to provide services and that support "improving medical decisions" around the world. The company's approach involves building long-term relationships covering management, quality, and financial services that are necessary to build, operate, and grow hospitals' and Clinics' diagnostic capacity and capability.

The Canadian National Stock Exchange has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Premier.

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