Plantation, FL — September 1, 2021 — Akumin Inc. (NASDAQ/TSX: AKU) (“Akumin”), a premier provider of outpatient radiology services in the U.S., announced today that it has completed its previously announced acquisition of Alliance HealthCare Services, Inc. (“Alliance”), a leading national provider of radiology and oncology solutions to hospitals, health systems and physician groups, through its wholly-owned indirect subsidiary, Akumin Corp (the “Acquisition”). Akumin now offers the most comprehensive radiology and oncology solutions to patients in the U.S., operating in 46 states, with more than 1,000 hospital and health system customers, 154 independent outpatient radiology centers and 34 radiation therapy centers, and has over 4,000 team members serving more than two million radiology and oncology patient visits annually.

“When we announced our acquisition of Alliance and the plan to bring these two great companies together, we shared our belief that this combination is very exciting in the context of a changing healthcare ecosystem – continuing not only to shift toward outpatient, price-transparent, value-based care, but also toward increasingly integrated hospitals, health systems and physician groups,” said Riadh Zine, Chairman and Co-CEO. “Today, we celebrate our first steps together as a powerhouse in outpatient healthcare solutions, and a catalyst for continued healthcare transformation in the U.S.”

“As the partner of choice to hospitals, health systems and physicians in outpatient imaging and cancer care services, our incredible teams across the country will continue putting patient experience at the center of all we do,” said Rhonda Longmore-Grund, President and Co-CEO. “As one company, we will expand our solutions to hospital customers and partners with a focus on driving access, efficiency and innovation. We begin our integration today – and look forward to sharing our progress, successes and growth.”

“We are looking forward to working with Tahoe, the Alliance seller, both as a shareholder and through Mr. Huang, their representative on our board of directors,” Mr. Zine continued. “We are excited for our new partnership with Stonepeak, who provided their full support and capital commitment for this transaction, with additional capital available for future growth. We also want to thank the investor base in our senior secured notes who participated in our growth to date and in the funding of this transaction.”

The purchase price for Alliance was funded with cash on hand, assumption of debt, equity issued to the seller, debt and equity commitments from Stonepeak (the “Stonepeak Financing”) and proceeds from Akumin’s offering of 2028 senior secured notes which closed in escrow on August 9, 2021.

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