ZoomMed inc.

ZoomMed inc.

April 24, 2007 15:54 ET

ZoomMed Inc. Announces the Closing of a $6,000,000 Private Placement

MONTREAL, QUEBEC--(CCNMatthews - April 24, 2007) - ZoomMed Inc. ("ZoomMed" or the "Company") (TSX VENTURE:ZMD) today announced that it has closed its previously announced private placement offering (the "Offering"). Loewen, Ondaatje, McCutcheon Limited (the "Agent") acted as the lead agent for the Offering. The Agent exercised in full the 20% agents' option that allowed them to increase the size of the Offering resulting in total gross proceeds of $6,000,000.

ZoomMed issued 20,000,000 units of the Company (each a "Unit") at a price of $0.30 per Unit in accordance with the terms of the Offering. Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one Common Share at an exercise price of $0.45 per Common Share. The Warrants are exercisable for 24 months following the closing of the Offering (the "Closing Date").

Mr. Yves Marmet, President and CEO of the Company, stated "I am pleased that investors' demand for ZoomMed's offering resulted in the Company raising $6 million and I am confident that we will now be able to build on ZRx Prescriber's market share in Quebec and implement our market strategy plans for Ontario."

ZoomMed will use the net proceeds from the Offering to implement its marketing strategy in Ontario, for further corporate development purposes and for general working capital purposes.

The Agent received a cash commission fee of $450,000 and in addition, the Company issued 1,500,000 non-transferable broker warrants to the Agent with each broker warrant entitling the holder to buy one Unit at $0.30. The broker warrants are exercisable, in whole or in part, for a period of 18 months following the Closing Date.

ZoomMed has developed a new electronic tool, aimed at changing the way drugs are prescribed and dispensed throughout Canada. The ZRx Prescriber allows physicians to complete and send prescription information to pharmacists, allowing them to view this information on-line, specifically by reading the unique barcode of the prescription, and confirm it with a copy signed, by the attending physician. This user friendly Web product, designed for doctors, uses the latest "Pocket Pc" technologies.

Disclosure regarding forward-looking statements: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

    Yves Marmet
    President and Chief Executive Officer