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Bridge Healthcare Finance Provides $18.7 Million Facility To Nydic Chicago, IL -- July 11, 2005 -Bridge Healthcare Finance, in conjunction with its division, Bridge Opportunity Finance, today announced the completion of a $5 million revolving line of credit and a $13.7 million term loan to Nydic Open MRI of America, L.L.C., a leading provider of magnetic resonance imaging (“MRI”) services. "Diagnostic Imaging is a capital intensive business requiring significant amounts to fund operations. It is also a highly competitive business. This financing will allow us to continue to capitalize on the growing demand for diagnostic imaging services and remain competitive,” said Lawrence Buchwalter, president and chief executive officer of Nydic. “We were looking for a financial partner who understood the intricacies of the diagnostic imaging business. Bridge Healthcare Finance demonstrated its expertise and closed this facility in a timely and efficient manner.” “Nydic is well managed and well positioned in the marketplace,” said Randy Abrahams, president and chief executive officer of Bridge Healthcare Finance. “Our expertise in diagnostic imaging and appetite for restructuring made us an excellent match and partner for the completion of this transaction. We look forward to helping Nydic focus on growing and expanding their business and providing additional capital to that end.” About Nydic Nydic Open MRI of America, LLC and affiliates is one of the largest companies in the United States to provide open magnetic resonance imaging services. Headquartered in Montvale, New Jersey, the company has 28 imaging facilities located in 14 states. The company is owned by Lawrence Buchwalter and Timothy Kennedy. For more information about Nydic, visit www.nydic.com. About Bridge Finance Group Bridge Finance Group offers a combination of comprehensive loan products, decades of financial expertise and an unparalleled service approach unique to the healthcare lending industry. Through accounts receivable, cash flow and real estate based term loan lending products, Bridge is able to address the differing capital needs of the healthcare industry. Bridge is based in Chicago, Illinois with offices in the Northeast and Southern California. For more information visit Bridge Finance Group at www.bridgefinancegroup.com. Contact: |
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