MVH Medic Vision

 

TIDMMVH 
 
RNS Number : 5242D 
Medic Vision Limited 
03 December 2009 
 

Medic Vision Limited 
("Medic Vision" or the "Company") 
 
 
Proposed Strategic Alliance 
 
 
 
 
Melbourne, 3 December 2009 
 
 
The Board of Medic Vision Limited (the "Board") is pleased to announce that the 
Company has entered into a Heads of Agreement ("HOA") with Leading Edge 
Instruments Limited, a private company incorporated in Australia with ACN 138 
738 078 ("LEI").  Under the indicative terms of the proposed transaction, Medic 
Vision will dispose of its medical simulation assets, to LEI for wholly share 
consideration with a deemed value of A$6.1 million, to be satisfied by way of 
the allotment of new fully paid ordinary shares in the capital of LEI. 
 
 
The proposed transaction is subject to a number of pre-conditions being 
satisfied, including: 
 
 
  *  LEI completing the acquisition of Vibrovein Pty. Ltd (ACN 130 322 646) and its 
  unique vibrating needle device; 
  *  LEI acquiring ASAP BreathAssist Pty. Ltd (ACN 103 385 726) and its respiratory 
  technology, (which can be viewed at: 
  www.digitalfx.com.au/video/BA-draft10-4-07.wmv); 
  *  LEI raising A$2 million in new capital for working capital purposes; 
  *  Approval by each company's respective shareholders at duly convened shareholder 
  meetings; and 
  *  Satisfactory completion of comprehensive due diligence and definitive 
  transaction documentation. 
 
 
 
The HOA allows for a period to 1 March 2010 for both parties to complete the 
proposed transaction and further announcements will be made as appropriate. 
 
 
LEI has held discussions with two internationally renowned and high 
profile executives well known in the medical sector and, subject to the proposed 
transaction being successfully concluded, these individuals have indicated a 
willingness to join LEI and assist in the delivery of revenue and capital 
growth.  Under the terms of the proposed transaction, Medic Vision would also 
have the right to appoint at least one director to the board of LEI. 
 
 
Following completion of the proposed transaction, it is currently expected that 
Medic Vision will hold approximately 40% of LEI's enlarged issued ordinary share 
capital and the Company currently intends to retain such a shareholding as a 
medium to long term investment. 
 
 
The Board believes that the proposed transaction will assist the Company in 
unlocking and realising the significant inherent value in the Company's medical 
suite of products and will serve to enhance long-term shareholder value. 
 
 
 
 
For further information, please contact: 
 
 
+--------------------------------------+---------------------------------------+ 
| Vince Leone                          | Email: vince.leone@medicvision.com.au | 
| Chief Executive Officer & President  |                  Mob: +61 421 054 140 | 
| Medic Vision Limited                 |                                       | 
+--------------------------------------+---------------------------------------+ 
| Stuart Faulkner / David Altberg      |                 Tel: +44 20 7409 3494 | 
| Strand Hanson Limited                |                                       | 
+--------------------------------------+---------------------------------------+ 
| Ruari McGirr                         |                 Tel: +44 20 7628 5582 | 
| Astaire Group Plc                    |                                       | 
+--------------------------------------+---------------------------------------+ 
 
 
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 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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