SOURCE: Medical Services International Inc

July 08, 2005 13:38 ET

Medical Services Signs Financing Agreement With US Based Investment Fund

EDMONTON, AB -- (MARKET WIRE) -- July 8, 2005 -- Medical Services International Inc (OTC: MSITF) is pleased to announce that it has signed a financing agreement with a US based investment fund, The Nutmeg Group LLC. (www.tngroupllc.com). The fund is providing a minimum of $450,000US and up to $1,000,000US which will give Medical Services International flexibility and allow it to attain its financial goals, fulfill existing sales commitments and expand its marketing and distribution network. With this capital infusion, the Company's Shanghai facility will immediately implement its aggressive marketing plan in China and Southeast Asia with the expectation of increasing orders and production significantly.

Randall S. Goulding, Managing Director of The Nutmeg Group, LLC, said, "We are anxious to assist Medical Services International Inc in facilitating strategic relationships and finance needs as the Company grows, and we look forward to a long term, mutually profitable relationship with the Company."

The Nutmeg Group has also joint ventured with the Company to facilitate FR. George Clement's endeavor to make available the VScan HIV test kits to the US Virgin Islands in cooperation with local officials.

The Nutmeg Group, LLC and its principals have been successful in raising capital for companies that in their opinion have excellent upside potential. With more than 30 million dollars under management, the Nutmeg Group, LLC is a value added private capital investment firm and a full service investment and consulting organization dedicated to helping growth companies emerge as industry leaders. Staffed with an impressive array of diverse talents and a robust infrastructure, Nutmeg stands committed to facilitating Medical Services International's success. Loren Comitor, President of CCM&A, Nutmeg's advertising and marketing affiliate, will endeavor to facilitate new marketing arrangements for Medical Services. Nutmeg's associates feel that they will be able to enhance the Medical Services website and assure that the Company's image will reflect and be commensurate with its outstanding prospects.

"Our investment and ongoing commitment is prompted by our extreme optimism about the outlook for Medical Services and its capacity to ramp up its operation to seize opportunities," said Goulding. "We believe the current valuation does not sufficiently reflect its opportunities near and longer term."

"We are impressed by Medical Services talented management resources," Goulding continued. "We plan to play a vital role in Medical Services International's very promising future. In fact the specific reason for this cash infusion is to focus on creating new business opportunities and joint ventures," said Goulding.

About VScan

The VScan rapid test kit is a single use, disposable, accurate, cost effective, easy-to-use test for the screening of HIV 1&2, Hepatitis B&C, Tuberculosis (TB), Dengue Fever, West Nile, Syphilis, Malaria and Prostate Cancer. The kits cannot be sold in Canada.

Medical Services International Inc. trades in the United States on the NQB Pinksheets under the symbol "MSITF." For further information, please contact Robert Talbot at (780) 430 6363 or Bill Whitehead Jr. at (416) 822 5883 or www.medicalservicesintl.com or www.minerva-biotech.com

NOTE: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions, risk in product development, market acceptance of new products and continuing product demand, level of competition and other factors described in Company reports and other filings with regulatory bodies.

Contact Information

  • Contact
    Medical Services International Inc.
    Robert Talbot
    +1-780-430-6363
    Bill Whitehead Jr.
    +1-416-822-5883