SOURCE: In Veritas Medical Diagnostics Inc.

October 10, 2006 05:41 ET

In Veritas Medical Diagnostics Inc. Announces New Management Team

INVERNESS, SCOTLAND -- (MARKET WIRE) -- October 10, 2006 -- IVMD, Inc. (OTCBB: IVME) is pleased to announce a new management team. Graham Cooper, CEO and President commented, "Having been focused for the past two years on successfully completing our first long term development contract, the time is now right for IVMD to put a new management team in place, one that can take maximum advantages of the considerable opportunities that we face."

Graham Cooper is a successful business developer and business angel. As one of its principal financial backers and founders, he has served as the Chairman of IVMD since its formation. He replaced John Fuller as CEO in June 2006. John had successfully project managed IVMD's first development project through to commercialization and product launch and remains on the Board in a strategic advisory role.

Professor Patricia Connolly will take on a new role as Director of Science and Operations. Graham Cooper stated, "Patricia is an acclaimed medical scientist who brings a rare mixture of commercial experience and acumen and an exceptionally strong, innovative scientific outlook. Patricia was previously the Chief Scientific Officer for IVMD and has a very good understanding of our technology and its commercial potential." Professor Connolly's role will be to ensure that the development and operations functions operate seamlessly and are commercially focused.

Nasser Djennati is a key member of the Science and Operations team and has responsibility for all production and engineering. Professor Connolly commented, "Nasser is an accomplished engineer and physicist. He has an unparalleled understanding of much of our underlying know-how and technology and how to engineer it into market ready products."

Recently the Company announced that it had taken on Damian Bond as Commercial Manager. His role is to advise and assist in opening up new avenues and find new commercial partners to enable IVMD to commercialize its technology.

Martin Thorp, who has been IVMD's part-time CFO, will become substantially more involved and takes responsibility for corporate finance strategy, compliance and all business support functions. Martin created Andersen Corporate Finance and built it over ten years to become a $1bn run rate corporate finance strategy and restructuring business. He was Global Managing Partner of Andersen Corporate Finance and served on the global management team of Arthur Andersen. Martin will be assisted by Robert Galvin, our newly appointed financial controller and head of administration.

Speaking of the team as whole Graham commented, "I am delighted with this team. Patricia, Nasser and Damian have a strong understanding of our technology platforms and of the market potential facing us. Martin and I have exceptional skills in business leadership, corporate finance and managing growth. As a team we are well integrated and qualified to take advantage of the new opportunities that IVMD now faces. I will shortly be announcing a streamlined strategy for IVMD which the team has developed and are eager to launch."

About IVMD, Inc.

IVMD uses its proven, patented core technology to design, develop and test medical devices for near patient testing and monitoring. IVMD products serve large global markets in the monitoring of chronic conditions affecting large numbers of the population: the coagulation of blood in patients with cardiovascular disorders, pregnancy (advanced prediction of the onset of human labour), highly sensitive immunoassays, etc. From across all sectors of industry, the company uses proprietary technology to create rapid prototype and product development, in partnership with major global marketing and distribution partners. For more information, visit IVMD Inc. at: http://ivmd.com

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 harbor 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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