Toronto, Canada (PressExposure) April 25, 2011 -- Prism Medical Ltd. ("Prism Medical" or "the Company") (TSXV: PM), a leading provider of durable medical equipment and related services to the mobility disadvantaged, today announced that the Company has been awarded a significant new contract to provide Disability Equipment Services for the London Borough of Bexley.
The contract was awarded to Prism UK Medical, the UK subsidiary of Prism Medical. It includes the supply and installation of straight and curved stair lifts, through floor lifts, fixed and portable ceiling track hoists, slings, external step lifts and automatic toilets to the Borough of Bexley. The contract also includes the service, repair, maintenance and testing of approximately 1,900 pieces of fixed and portable equipment in service users' homes and in the Borough's equipment store. Prism UK Medical will also provide 24/7 emergency call service with a maximum 5-hour response time.
The contract commences on April 1, 2011 for a four-year term with the option to extend for three additional 12-month periods. The estimated value of the contract is £500,000 (approximately C$800,000) per annum.
Andrew A. McIntyre, Chairman and CEO of Prism stated, "This new contract is a great win for our UK subsidiary. It validates our strategic direction to be a provider of services, and thereby increases our recurring revenue stream."
"This is another significant achievement for Prism Medical within the South East of England and builds on other recent gains in this strategically important part of the country," said Stuart Meldrum, Chief Executive Officer of Prism UK Medical. "We are delighted to have been given this opportunity to work with the London Borough of Bexley and we look forward to a long and successful relationship."
About the London Borough of Bexley
The London Borough of Bexley is situated in the south east of London, UK. It covers an area of 23 square miles and borders the Thames to the north, the boroughs of Greenwich to the west, Bromley to the south and the County of Kent to the east. Bexley has a population of approximately 225,000.
About Prism Medical Ltd.
Prism Medical Ltd. is one of the largest providers and manufacturers of durable medical equipment and related services to the mobility disadvantaged in Canada, the US and the UK, with more than 200,000 installations. The Prism Medical brands include Waverley Glen and ErgoSafe, North America's leading supplier of lifting, handling and repositioning aid products and services across Canada and the US. Freeway and Prism Service & Repair are leading suppliers of moving and handling products and services in the UK.
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.