News

Australian kiosk firm eyes new purchase

March 26, 2002

MELBOURNE, Australia - Seeking to expand its business holdings while streamlining operations, Australia health care kiosk provider HealthPoint Technologies Ltd. has signed a non-binding agreement to purchase RFI Industries Pty Ltd.

HealthPoint has offered RFI 24,250,000 shares of stock at 4.36 cents per share and a 10-year, $820,000 loan. In addition, Maureen Dewar, a controlling shareholder in RFI, will join HealthPoint's board of directors.

Melbourne-based RFI designs and manufactures radio frequency shielding and suppression enclosures and magnetic resonance imaging installations. The company also operates a laboratory for testing, certifying, and measuring electro magnetic radiation for occupational health and safety assessments.

HealthPoint, whose kiosks provide health and lifestyle information for pharmacy customers, plans to shift its administrative and manufacturing facilities to RFI's premises in the Melbourne suburb of Bayswater if the purchase goes through.

Company officials said the RFI purchase would generate an additional $6.3 million in revenue annually while saving the company about $130,000 on administrative and facilities costs.