Banyan expands to Puerto Rico

Banyan (Los Angeles) said that its subsidiary, Premier Medical Group (Boca Raton, Florida), is expanding its diagnostics testing operations to Puerto Rico, expecting to add $420,000 in yearly revenue.

Michael Gelmon, CEO of Banyan, said: "This move is a natural extension of the PMG diagnostic testing business into a territory which is under serviced. By expanding into this new market place we believe we can generate significant new business."

PMG specializes in nerve conduction velocity testing across the U.S. The expansion into Puerto Rico is one of several new programs planned for 2009 that will greatly expand PMG services, according to the company.

Banyan Corp. is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses.