Siemens Provides $3.2 Million Tax-Exempt Financing to Outpatient Imaging Facility

Tuesday, June 7, 2011 8:08 am EDT

Dateline:

ISELIN, N.J.

Public Company Information:

NYSE:
SI
"Our working experience with Siemens Financial Services has been very positive. The team is very knowledgeable, not only as it relates to putting the tax-exempt financing together, but also of our business model and how we provide service to our patients"

Siemens Financial Services, Inc. (SFS Inc.), the U.S. unit of Siemens' Financial Services division, recently provided a $3.2 million tax-exempt finance solution to North Oakland – North Macomb Imaging, Inc. in Rochester Hills, Michigan, helping them to acquire a new Siemens Magnetic Resonance (MR) system and make significant facility improvements needed to house the new MR system. This outpatient facility is equally owned and operated by three not-for-profit hospitals; Crittenton Hospital, POH Medical Center and Mt. Clemens General.

"State-of-the-art diagnostic imaging equipment allows healthcare providers to provide a better level of care and treatment to patients," said Kirk Edelman, president and chief executive officer, SFS Inc. "With the rapid advancements in diagnostic imaging equipment, it's important that healthcare providers have the ability to fund new technology needed to enhance services to the community. We are glad that we can provide the necessary capital to fund projects like these."

"Many stand-alone imaging centers are looking to become part of a hospital system. Simultaneously, many hospitals are looking to open or acquire outpatient imaging centers in order to enhance their service offerings to the community," said John Sandstrom, senior vice president and general manager of healthcare finance, SFS Inc. "Due to our 25 years experience as a dedicated healthcare lender, we are very familiar with this changing landscape and have been able to be both a financier and a strategic business associate. Tax-exempt financing is often not considered for outpatient facilities. The tax-exempt financing for North Oakland – North Macomb Imaging, Inc. is an example of a solution more people should think about."

"Our working experience with Siemens Financial Services has been very positive. The team is very knowledgeable, not only as it relates to putting the tax-exempt financing together, but also of our business model and how we provide service to our patients," said Janelle Spann, executive director, North Oakland-North Macomb Imaging, Inc. "This made it very easy for us to work together. Additionally, their professionalism and customer service exceeded our expectations. We look forward to working with them again in the future."

About Siemens

The Financial Services (SFS) division of Siemens is an international provider of financial solutions in the business-to-business area. With about 2,000 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens. For more information see: www.siemens.com/finance.

Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business-to-business financial services in the United States. SFS Inc. is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States is available at: www.usa.siemens.com/finance.

Siemens Corporation is a U.S. subsidiary of Siemens AG (NYSE: SI), a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 405,000 employees in 190 countries, Siemens reported worldwide revenue of $102.9 billion in fiscal 2010. Siemens in the USA reported revenue of $19.9 billion and employs approximately 62,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.

About North Oakland – North Macomb Imaging, Inc. (dba Michigan Resonance Imaging)

By offering patient-focused care and personal service, Michigan Resonance Imaging provides diagnostic services in magnetic resonance imaging from "head to toe" throughout Southeastern Michigan. We are accredited by the American College of Radiology (ACR). All of our radiologists are board certified in diagnostic radiology and all of our technicians are ARRT registered.

One of Michigan's most experienced MRI centers, we have been providing quality service since 1991. We have earned our reputation of producing outstanding images and have demonstrated an unmatched commitment to technical innovation and personal service.

Michigan Resonance Imaging has three fixed MRI units, two in Rochester Hills and one at Mount Clemens Regional Medical Center, and two mobile MRI units which provide services to Clarkston, Clinton Township, Oxford, Rochester, Sterling Heights and Pontiac. We are able to provide same or next day appointment times.

For more information, contact us at (800) 233-0272 or visit our website at: www.mriofmichigan.com.