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Medical Imaging sells healthcare services subsidiary for $2.3M

Medical Imaging Corp. sold its interest in operating subsidiary Schuylkill Open MRI Inc. for about $2.3 million.

After clearing debt payments to the Internal Revenue Service and Flow Capital Corp., as well as transaction costs, net proceeds to Medical Imaging were approximately $400,000.

The Taipei, Taiwan-based company paid $625,000 and issued 4.0 million common shares to Flow Capital against its secured debt obligation. The company also reduced the minimum monthly royalty payment to Flow Capital to $6,000.