SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
____________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 21, 1997
DIAGNOSTIC IMAGING SERVICES, INC.
[Exact Name of Registrant as specified in its Charter]
Delaware 33-37418 33-0443404
[state or other [Commission File No.] [IRS Employer
jurisdiction of Identification No.]
incorporation]
1516 Cotner Avenue, Los Angeles, CA 90025-3303
[Address of principal executive offices; ZIP Code]
Registrant's Telephone No., including Area Code: (310) 479-0399
Former address, if changed since last report
Page 1 of 2 Pages
Exhibit Index on Page 2
Item 2. Acquisition or Disposition of Assets.
On March 21, 1997, Registrant entered into an agreement with Diagnostic
Health Services, Inc. ("DHS") whereby Registrant sold the assets subject to
the related liabilities of its ultrasound business (13 mobile ultrasound
units together with 15 ultrasound laboratories) for Eight Million Five Hundred
Thousand Dollars, comprised of approximately Seven Million Dollars cash with
the balance consisting of the assumption of liabilities. Net annual revenues
to the Registrant from those operations have been approximately Four Million
Dollars.
Additionally, Registrant entered into an agreement granting DHS until
April 30, 1997, to acquire Registrant's wholly-owned subsidiary which owns
and operates four magnetic resonance imaging centers located on or adjacent to
hospital sites in the Los Angeles area for Sixteen Million Dollars (including
assumption of approximately Six Million Dollars of debt). The four centers
presently provide approximately Six Million Five Hundred Thousand Dollars of
net annual revenue to the Registrant.
The sale will permit Registrant to reduce its outstanding debt while
permitting it to concentrate on its eight remaining free standing diagnostic
imaging centers, most of which are multi-modality and one radiation oncology
center.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DIAGNOSTIC IMAGING SERVICES, INC.
Dated: March 25, 1997 By: _____________________________________
Norman Hames, President
I:\DIAGIM10.001\8K-0397.DOC
