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In conjunction with the transaction, R. Scott Jones, Managing Director of BioWave Innovations, will assume the role of Chairman of the Board of Directors of AFP Imaging. David Vozick and Donald Rabinovitch, the founders of the company, will remain on the Board of Directors and will retain their roles as Chief Executive Officer and President of the company respectively.
As part of the transaction, Jack Becker and Robert Blatt, current Board members of AFP, will retire and Gary Jaggard, Fund Manager of ComVest Capital, will join the company's Board.
AFP Imaging, a diagnostic imaging supplier with revenues of approximately $30 million, is a provider of products for clinical applications in dental, medical and veterinary medicine under the brand names of AFP, DENT-X, EVA and NEWTOM. For over 30 years, the company has developed and manufactured products that are installed in over 100,000 dental and medical facilities world-wide, including its latest digital imaging systems.
"Our investment in AFP Imaging will strengthen the company's commitment to world-wide growth, continued product innovation and outstanding customer service," said R. Scott Jones. "We expect to build on the company's long history and solid reputation as a provider of its marketplace."
David Vozick, CEO said, "Over the past five years, AFP has focused on, and invested in, the expansion of its R&D and marketing efforts for its digital imaging, radiographic product lines. This was done in parallel with medical professionals transitioning from x-ray film based equipment to digital formats with its inherent benefits. Patients and clinicians, around the world, are currently using AFP's proprietary technology and equipment. The company's 3-D, NewTom dental x-ray scanner and the resulting images are but one example of this leadership role. The added investment by BioWave Innovations and ComVest will immediately help stabilize and improve the company's financial condition during this difficult economic climate so that AFP may continue to thrive and grow."
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