FONAR CHAIRMAN/ PRESIDENT DR.
RAYMOND DAMADIAN PURCHASES
COMPANY STOCK IN OPEN MARKET FOR THE SECOND TIME IN 2006
MELVILLE,
NEW YORK, May 15, 2006 - FONAR Corporation
(NASDAQ-FONR),
The Inventor of MR Scanning™, today announced that its Chairman,
president and founder Raymond Damadian, M.D., purchased 90,500
shares of FONAR stock in the open market on May 11, 2006. This
is the second time in less than 90 days that Dr. Damadian has made
open market purchases of FONR stock. The purchase brings his total
ownership to 2,678,774 shares of common stock. Dr. Damadian has
not sold a share in more than a decade. The purchases were made
pursuant to the Company's corporate governance guidelines for insider
stock purchases.
The
purchase of FONAR shares in the open market by Dr. Damadian is
intended to tangibly demonstrate confidence and excitement in the
potential of the Company and the significant progress it has made
in recent months marketing the FONAR UPRIGHT™ MRI. "I
believe we are at an inflection point in attaining "mind share" among
the most influential and demanding constituencies of the medical
community. The FONAR UPRIGHT™ MRI scanner uniquely provides
the surgeon images of the fully weight-loaded spine which supply
him a more accurate and more complete diagnosis of his patient's
spine. This in turn enables the surgeon to achieve better surgical
outcomes for his patients," said Dr. Damadian. "These
benefits contributed to the recent decision of two
hospitals (one a major hospital chain) to purchase our FONAR UPRIGHT™ MRI scanner, which is a milestone achievement for the Company in
breaking into a market segment that we have not significantly penetrated
before."
"I
have no doubt," said Dr. Damadian, "that the FONAR UPRIGHT™ MRI
is a necessity for patients with back pain, and that for patients
with upright back pain (the great majority) the recumbent-only
MRI examination is, in the main, irrelevant. We are very encouraged
by the increasing attention being given to the FONAR UPRIGHT™ MRI
as a result of our advertising program and the success of our users.
We believe that we are well positioned to scale production
higher as this interest turns into new sales."
About FONAR
FONAR® was incorporated in 1978, making it the first, oldest
and most experienced MRI manufacturer in the
industry. FONAR introduced the world's first commercial MRI in
1980, and went public in 1981. Since its inception, FONAR has
installed hundreds of MRI scanners worldwide. Their stellar product
line includes the FONAR UPRIGHT™ MRI (also known as the
Stand-Up™ MRI), the only whole-body MRI that performs
Position™
imaging (pMRI) and scans patients in numerous weight-bearing
positions, i.e. standing, sitting, in flexion and extension,
as well as the
conventional lie-down position. The FONAR UPRIGHT™ MRI
often sees the patient's problem that other scanners cannot
because
they are lie-down only. With nearly one half million patients
scanned, the patient-friendly FONAR UPRIGHT™ MRI has a
near zero claustrophobic rejection rate by patients. A radiologist
said, "FONAR UPRIGHT™ MRI - No More Claustrophobia
- The Tunnel Is Gone." As another FONAR customer states,
"If the patient is claustrophobic in this scanner, they'll
be claustrophobic in my parking lot." Approximately 85%
of patients are scanned sitting while they watch a 42" flat
screen TV. FONAR's latest MRI scanner is the FONAR 360, a room-size
recumbent scanner that optimizes openness while facilitating
physician access to the patient. FONAR is headquartered on
Long Island,
New York, and has approximately 400 employees.
#
The Inventor of MR Scanning™, True
Flow™ MRI, Stand-Up™ MRI, FONAR UPRIGHT™ MRI,
Position™ MRI, PMRI™ and The Proof is in the Picture™
are trademarks of FONAR® Corporation.
This release may include
forward-looking statements from the company that may or may not
materialize. Additional information on factors that could potentially
affect the company's financial results may be found in the company's
filings with the Securities and Exchange Commission.
###
FONAR™ Corporation
110 Marcus Drive
Melville, N.Y. 11747
Tel. 631-694-2929
Fax. 631-390-9540
Email sales@FONAR.com
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