FONAR Named #17 in the Deloitte Long Island Technology Fast 50 Program; Company Recognized by Technology Fast 50 Program for Sixth Straight Year

Business Wire, Jan 19, 2005

MELVILLE, N.Y. -- FONAR Corporation (NASDAQ:FONR), The MRI Specialist(TM), today announced that it was ranked #17 on Deloitte & Touche USA LLP's prestigious Technology Fast 50 Program for Long Island. This is the sixth straight year that FONAR has been named to the program, thereby maintaining its designation in the Technology Gold Circle.

The Deloitte Long Island Technology Fast 50 ranks the 50 fastest growing technology companies in the area, public or private, based on the percentage of growth in fiscal year revenues over the five-year period 1999 - 2003. During this period, FONAR revenues increased 75 percent, compared to the 43 percent mean average increase among companies who made the Fast 50 for the Long Island region.

Raymond V. Damadian, president and founder of FONAR said, "We are pleased and honored to be recognized by Deloitte & Touche's technology practice for our financial performance between 1999 and 2003. Our strong revenue growth during this period is directly attributable to the growing acceptance for Upright(TM) imaging by the medical community. As a result, the FONAR Upright(TM) MRI has experienced strong interest and demand since its introduction in 2001, and we expect to continue expanding and broadening the market presence for our scanner in 2005."

"The Deloitte Long Island Technology Fast 50 companies have shown the strength, vision and temerity to succeed despite a very challenging technology environment," said Adam Weisman, a partner of Deloitte & Touche LLP's technology, media and telecommunications practice and chairperson of the 2004 Long Island Technology Fast 50. "We applaud the successes of FONAR and acknowledge its place as one of the very few companies to accomplish such a fast growth rate over the past five years."

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1999 and $1,000,000 in 2003, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues, and/or devoting a significant portion of revenues to research and development.

Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Fast 50 or Fast 500 programs, visit www.fast50.com.

About FONAR

FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI manufacturer in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, we have installed nearly 300 MRI scanners worldwide. FONAR's stellar product line includes the Upright(TM) MRI (also known as the Stand-Up(TM) MRI), the only whole-body MRI that performs Position(TM) imaging (pMRI(TM)) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. With over 100,000 patients scanned, the patient-friendly Upright(TM) MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. Our latest MRI scanner is the FONAR 360(TM), a room-size recumbent scanner that optimizes openness while facilitating physician access to the patient. FONAR is headquartered on Long Island, New York, and has approximately 500 employees.

About Deloitte

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