Omni Medical Holdings Inc.

• Public
• US

Dow Jones Description

Effective May 30, 2003, Omni Medical Holdings, Inc. ("Omni Medical Holdings," "Omni," "OMH," the "Company" or "we," "our," "us" and words of similar import), through our wholly-owned subsidiary, Omni Medical Services, Inc.("OMS"), completed an Asset Purchase Agreement with Medical Billing Management, Inc. ("MBM"), a corporation based in Mississippi and a provider of medical billing and collection services to medical practitioners. The aggregate purchase price was $450,000, including $150,000 paid at closing, $75,000 payable on November 30, 2003 (that was paid in February 2004) and $225,000 payable on May 31, 2004. The May 31, 2004 payment was subject to an adjustment which is to be calculated based on a multiple of the amount by which revenues for the year ending May 31, 2004 are more or less than a baseline amount. The adjustment will be recorded as an adjustment to the acquisition cost of MBM. For more information regarding this Agreement, see our 8-K Current Report filed with the Securities and Exchange Commission on May 10, 2004.

Chairman Emeritus, Co-Founder

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