SOURCE: In Veritas Medical Diagnostics Inc.

October 27, 2006 04:00 ET

In Veritas Announces Important European Patent Grants

INVERNESS, SCOTLAND -- (MARKET WIRE) -- October 27, 2006 -- IVMD (OTCBB: IVME), a medical device company, announced today the granting of a patent in Europe for its tissue scanning technology. The tissue scanner in development at IVMD utilizes the inherent difference in the magnetic susceptibility of tissue combined with Hall Effect sensors to create a potentially portable and low cost tissue visualization system. This project is in its early stages at IVMD but the securing of the patent reinforces our commercial plan for the device.

Professor Connolly, Science & Technology Director at IVMD, said, "We are delighted to have this patent granted to us as it continues to secure our basic technology portfolio in magnetism and diagnostics upon which we are building a number of low cost, point of care diagnostic devices."

Graham Cooper, CEO, said, "This technology is at the heart of our strategy to launch a range of differentiated portable healthcare devices aimed at mass global markets. These patents are important to our plans and we will be filing them in all major European countries."

About IVMD, Inc.

IVMD uses its proven, patented core technology to design, develop and test medical devices for near patient testing and monitoring.

Our products serve large global markets in the monitoring of chronic conditions affecting large numbers of the population.

Our first product to market will be a device for measuring the coagulation of blood in patients with cardiovascular disorders. This product is close to market release.

Our scientists are currently working on several other distinct hand-held or highly portable products which make use of our core know-how and technology and are focused on (a) the measurement and detection of pregnancy and labour and (b) the detection of diseases and medical conditions using magnetic detection techniques applied to tissue and blood.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe," "expects," "projects," "forecasts," "intends," "will," "anticipated," "could," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the act and are subject to the safe harbour created by the act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.

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