This paper proposes and evaluates a novel image compression approach and also a software tool named YALMIC that implements the approach. The main idea behind the proposed approach is considering segments of consecutive bytes in the image file as 8-variable minterms and using them to construct implicants. The implicatns are simplified through discarding some variables. Storing the simplified forms of the implicants instead of the original bytes causes some bits to be discarded. YAALMIC stores some extra bits in the compressed file in addition to the simplified implicant. These extra bits are necessary to determine the discarded variables and also to show the order of the disjointed minterms. The compression ratio of the tool is evaluated and compared to that of previous image compression tools and techniques through analytical modeling and experimental results.