Premier Diagnostic Health Services Inc.

Premier Diagnostic Health Services Inc.

September 21, 2011 19:08 ET

PDH Closes Private Placement and Announces Next Steps

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2011) -


Premier Diagnostic Health Services Inc. ("PDH") (CNSX:PDH) today announced that its previously announced non-brokered private placement is now closed. Through a combination of cash subscriptions and the conversion of recent Director contributions the Company sold 2,625,000 Units at $0.08 per Unit to a number of existing shareholders for total proceeds of $210,000. Each Unit consisted of one common share of PDH and one purchase warrant to subscribe to a further share of PDH at $0.10 per share. The warrants are non-transferable and will expire on September 30, 2013.

The funds raised represent the initial financing phase and will be used to implement PDH's Business Plan to enter into joint ventures with hospitals in China to deliver management, quality, and financial services to those hospitals seeking to increase their medical diagnostics capacity/capability, to enhance our existing PET/CT scanning facility in Burnaby, and for general working capital purposes. As noted in the Business Plan Outline (page 8), the Company requires additional working capital and growth capital to meet its objectives.

As such, the CEO and COO recommended that the Company conserve financial resources to focus on core services and fundraising until the Company raises sufficient growth capital to implement its business plan. As part of this strategy to reduce overhead and costs, Larry Straith, CEO, and Iain Snee, COO, have stepped aside as officers of the Company but will continue to serve as advisors on an as-needed basis. In addition, the Company has reduced other operating and staffing costs as necessary and expanded the management roles of Leonhard Braunizer and outside Director Geoffery Waters.

Supporting this strategy, the Board has appointed Denis Tusar, Chairman, as President & CEO to develop the next phase of financing, with support from advisors where applicable, from now through November 2011.

More details about the Business Plan Outline are available on the Company's website (

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Premier. (Not for dissemination in the United States of America).

About Premier Diagnostic Health Services Inc. ("PDH")

Premier is a Canadian company accelerating international access to advanced medical diagnostic tools and skills. The company's vision is to provide services and partnership opportunities that support "improving medical decisions" around the world. The company's approach involves building long-term relationships covering management, quality, and financial services that are necessary to build, operate, and grow hospitals' diagnostic capacity and capability.

The Canadian National Stock Exchange has neither approved nor disapproved the contents of this press release.

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