Print   



Medic Vision Limited

("Medic Vision" or the "Company")

Update re holding in Red Paragon Pty Ltd

London, 17 November 2009

The Board of Medic Vision is pleased to announce that it has entered into an agreement with Neil Fleming to 
acquire 29 shares (the "Red Paragon Shares") equivalent to 9.29% of the issued share capital in Red Paragon Pty Ltd ("Red Paragon"), an Australian based and incorporated private company that manufacturers low cost, lightweight, building panels (walls, floors, ceilings and roof panels) for the construction of modular buildings. 

Neil Fleming, a former consultant to Red Paragon, commented as follows:

 "I am pleased to have reached this agreement with the Board of Medic Vision and look forward to working with the Company in the future".

The acquisition of the Red Paragon Shares will be funded via the issue of 2,000,000 fully paid ordinary shares in the Company (the "Consideration Shares"), equivalent to AU$42,000 based on the closing share price of AU$0.021 per ordinary share on 16 November 2009. The Consideration Shares are to be issued within 14 days of the Annual General Meeting. 

As referred to in the Notice of Annual General Meeting, dated 6 November 2009, shareholder approval is being sought for the Directors to allot and issue up to 100,000,000 ordinary shares for the purposes of raising capital and other strategic acquisitions. This approval will enable the Directors to issue the Consideration Shares to Mr Fleming without the Company having to utilise its discretionary power to issue further shares up to 15% of the issued capital in the Company without shareholder approval.

Following the acquisition of the Red Paragon Shares, the Company will hold, in aggregate, 96.79% of the issued share capital in Red Paragon. The Board has resolved that it is in the Company's long term strategic interest to acquire the balance of the issued share capital of Red Paragon, being 3.21%, which will result in Red Paragon becoming a wholly owned subsidiary of Medic Vision. 

For further information contact:

Vince Leone Chief Executive Officer & President Medic Vision	Email: vince.leone@medicvision.com.au Mob: +61 421 054 140
Stuart Faulkner / David Altberg Strand Hanson Limited	Tel: +44 20 7409 3494
Ruari McGirr Astaire Group Plc	Tel: +44 20 7628 5582

Background on Medic Vision Limited

Medic Vision is a technology based company specialising in the application of technology for surgical and medical skills training. Medic Vision provides consulting services in the development of skills training centres as well as developing and deploying computer-based surgical and medical high fidelity simulators.

See www.medicvision.com.au for more details

ENDACQDGMMMFNDGLZM