PRESS RELEASE

IMAGIN Diagnostic Centres, Inc. Completes Financing Agreement With International PET Diagnostics

TORONTO-June 26, 2003-IMAGIN Diagnostic Centres, Inc. (“IMAGIN”) announced today the completion of a financing agreement whereby IMAGIN undertakes to finance the ongoing operations of International PET Diagnostics Inc. (“IPET”), a British Columbia company which provides whole body PET (Positron Emission Tomography) scans for the diagnosis of cancer, over a 12 month period, during which time additional equity and/or debt financing arrangements and joint ventures are to be put in place to develop new PET and PET/CT facilities across Canada.

IPET and IMAGIN will be joint venture partners in Ontario. Ontario PETSCAN Centres, Inc. (“OPC”) will be the planned joint venture company whose mission will be to develop PET and/or PET/CT diagnostic imaging centres in certain Ontario markets. IMAGIN will have an obligation to finance these activities while IPET will contract to manage the facilities for a negotiated fee. IPET is the only Canadian company to have successfully completed clinical trials on the radiopharmaceutical used in PET scans, a precedent necessary before the issuance of a license to manufacture and sell the radiopharmaceutical. IPET expects to request a Notice of Compliance (“NOC”) shortly from Health Canada. A NOC will allow IPET to manufacture and sell this necessary radiopharmaceutical injectible and to supply its Vancouver PET facility and OPC facilities.
IMAGIN has commenced its funding of IPET which will enable IMAGIN to own up to 22.5% of IPET. Certain conditions in the OPC joint venture agreement can adjust the 50/50 OPC joint venture ownership in either party’s favor based on the success of future financings.

Denis Tusar, CEO of IPET stated, “IPET has begun a new phase of its strategic plan to bring PET scans to Canadians. Positron Emission Tomography (“PET”) is considered by most of the world’s medical visionaries to be the leading diagnostic and staging technology assisting in the treatment of cancer, heart disease, Alzheimer’s, Parkinson’s, etc. Despite the fact that it is an integral part in the treatment of cancer throughout the other G8 countries, it remains virtually unavailable in Canada except through IPET. While we are extremely pleased to witness our technology saving lives monthly here in Vancouver, our mission will only be accomplished after we have made PET scans accessible to citizens across Canada.”

IMAGIN Diagnostic Centres, Inc. is a closely-held developmental stage company dedicated to being the leader in bringing PET (“Positron Emission Tomography”) and PET/CT (“Computed Tomography”) technology to Canadians. IMAGIN is negotiating joint ventures with private imaging centers and hospitals for the financing, installation and management of PET scan facilities across Canada. IMAGIN has a control position in Scans For Life, an early-stage marketing company focused on the patient acquisition function for CT and PET scans in the USA. IMAGIN is negotiating various transactions in order to establish a foothold in multiple Canadian markets. IMAGIN is located in Toronto, Ontario.

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