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RAIDEN RESOURCES LIMITED Capital/Financing Update 2006
65675_rns_2006-07-31_9cc002be-4699-4f30-8dfa-c5bd6dcde2d0.pdf
Capital/Financing Update
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Medical Monitors' international distributor announces intention to list on NASDAO OTC
Key Points
- Medical Monitors' (MDM) international distributor. Primedical International (PMI) is listing on NASDAQ OTC following a reverse-merger agreement with Global Immune Technologies, Inc (NASDAQ OTC:GIMU)
- This agreement replaces the intention of Primedical's reverse takeover $\ddot{\phantom{a}}$ with Belgravia Telecom Limited (UK)
- This agreement will accelerate market expansion of Medical Monitors' ECG & blood pressure products into North America, UK and Europe
- Medical Monitors will retain an initial 30% equity in the new entity. Primedical International Holdings
Sydney, Australia: 1 August 2006: Medical Monitors (ASX: MDM) today announced the intention of its US and UK distribution company, Primedical International Limited (PMI), to list on the OTC Bulletin Board of NASDAQ following a reverse merger transaction with Global Immune Technologies, Inc (NASDAQ OTC:GIMU), Medical Monitors will hold an initial 30 % equity in PMI.
This agreement replaces PMI's intended reverse takeover with an AIM listed company, Belgravia Telecom Limited, in the UK.
GIMU will acquire PMI and its wholly-owned subsidiary iCardia Healthcare Corporation, the North American cardiac monitoring service, through a combination of debt and equity. The merged entity, to be named Primedical International Holdings, Inc., will appoint new Directors and will be engaged in the business of telemedicine and remote ambulatory monitoring. Final approval for this transaction from the US Securities Commission is expected in the next week.
The initial consideration comprises the issue of 74 million Common Shares of GIMU for PMI, with 16 million shares being held by the original GIMU shareholders. In addition, Primedical will receive USD10 million worth of equity by way of a 'convertible note' arrangement, struck at USD 40 cents or more per share.
Dr Allan Shell, Managing Director of Medical Monitors, said "The (NASDAQ OTC) listing will accelerate the market expansion of Medical Monitors ECG & blood pressure products into the UK and Europe, and build on our existing successful distribution into the North America market".
"This listing will provide an opportunity to accelerate growth and unlock shareholder value".
| For further information, please contact: | |
|---|---|
| Media | Medical Monitors |
| Daniella Goldberg | Dr Allan Shell |
| +61 2 9237 2800 | Managing Director |
| [email protected] | $+61293448100$ |
| [email protected] | |
| Investor communication | |
| Rebecca Piercy | |
| +612 9237 2800 | |
| [email protected] |
About Medical Monitors:
Medical Monitors (ASX: MDM) is a health sector company generating revenue from investment in medical technology and resort lifestyle property for the over 50s. The company specialises in home-based medical monitoring technology which allow doctors to remotely monitor the cardiovascular health of their patients. The technologies have been granted US Food and Drug Administration (FDA) notification to enable marketing and sales. The US arrhythmia monitoring market estimated to be more that USD$550 million. (www.medmon.com.au)
About Primedical International:
The merged Company, to be named Primedical International Holdings, Inc., will have newly appointed Directors and will be engaged in the business of telemedicine and remote ambulatory monitoring. The Company will acquire iCardia Healthcare Corporation, located in Lake Forest, Illinois, which has revolutionised the ECG monitoring service marketplace with its unique 'single-use' approach to ECG monitoring, creating unprecedented convenience for physicians and new levels of security for patients. (www.primedical.com)
About iCardia Healthcare Corporation:
iCardia's Single Use Patient Event Recorder (suPER) and proprietary application systems were developed by Medical Monitors and provide groundbreaking innovations in the diagnosis and treatment of cardiac arrhythmias. The lightweight, simple monitor boosts patient compliance, is absolutely hygienic and delivers high quality data. The service rapidly receives ECG transmissions and produces reports that can be viewed, annotated, and stored electronically, enhancing analysis, interpretation, and mean time to diagnosis.(www.icardia.com)
Medical Monitors Limited Suite 407 Westfield Eastgardens Eastgardens NSW 2036 Tel (02) 9344 8100 Fax (02) 9344 8200 Web site: www.medmon.com.au