PRESS RELEASE

IMAGIN Diagnostic Centres, Inc. Creates the New Position of Managing Director of Corporate Development

TORONTO-June 26, 2003-IMAGIN Diagnostic Centres, Inc. (“IMAGIN”) is proud to announce the promotion of Patrick Rooney to a new post of Managing Director of Corporate Development for IMAGIN, a similar position that he held for IMAGIN’s subsidiary, Scans For Life. Mr. Rooney will be in charge of acquiring and/or developing PET, CT and MRI scan centres in all markets across Canada and the USA.

Mr. Rooney has been an investment banker and an investor in young companies for 30 years. Pat Rooney was a major factor in underwriting young companies in the USA, having caused approximately 150 IPOs to be completed through his N.Y.C.-based investment banking firm. He owned or controlled 5 seats on the N.Y.S.E., was the Chairman and CEO of a high-growth N.Y.S.E.-traded company and has established and/or financed leading-edge companies and technologies over the years including:

• AmericaWest Airlines
• Laser Industries
• Pantry Pride (became Revlon in an RTO)
• Michaels Stores
• Ameriscribe (after hostile takeover sold to Pitney Bowes)
• Trinity Biotech (1st saliva test for HIV)
• eAutoclaims
• Vista Laser Eyes (Italy) (became ICON Laser Eye)
• The first technology to perform laser refractive surgery (became VISX upon IPO)
• The first extended wear contact lens company (CooperVision sold to Alcon)
• The first voicemail company
• The first digital pager systems company
• The first computer voice recognition technology company
• The first computer character recognition company

Mr. Rooney is considered an expert in IPOs, reverse takeovers (RTOs), proxy contests and hostile tender offers.

Mr. Rooney was charged in the USA with tax evasion, and conspiracy and signing a false tax return in 1983. This indictment stems from Mr. Rooney being a guest (not an organizer) along with 650 other people at a black-tie casino benefit affair held at the Pierre Hotel in N.Y.C. in 1983, the proceeds of which went to the American Cancer Society. Large contributors who wrongfully took tax deductions for checks which bought gaming chips to be used at a temporary, gala night casino at this annual dinner/dance were indicted and most of them settled with the government without trial. Mr. Rooney refused to settle and went to trial.

The amount of the IRS charge was $9,000. Mr. Rooney was acquitted of tax evasion at trial when it was determined that he had in fact overpaid his 1983 taxes by $23,000, a year when he paid over $800,000 in U.S. taxes. Mr. Rooney was convicted of signing a false tax return and conspiracy and was sentenced to incarceration for 3 months. As a result of this tax problem, Mr. Rooney took a bar from the U.S. securities industry with the right to apply after 37 months, a period which ended after February 11, 1992. Mr. Rooney did not reapply, primarily since he chose to retire to Bermuda for 10 years.

Mr. Rooney also settled a civil action with the SEC, related to insider-trading and to operating without a U.S. brokerage license. Mr. Rooney contended that he and his partners were merchant bankers, not broker dealers. The trade at the center of the allegations occurred 5 months prior to a tender offer. The SEC contended that Mr. Rooney had advance knowledge. Mr. Rooney settled without denying or admitting wrongdoing on these items for US$1.8 million, of which US$1.1 million has been paid to date.

Mr. Rooney currently resides in Toronto and along with his corporate development duties with IMAGIN and Scans For Life, he is also in the process of founding and funding the “Scans For Life Foundation,” a non-profit organization dedicated to bringing PET scans to Canadians on a “pay what you can afford” basis.

Gary Walker, Chairman of IMAGIN states, “Pat Rooney is a resource which normally cannot be found. He can give advice and implement strategies from a wealth of experience. We want to assist him in his philanthropic project while he assists us in building a company dedicated to saving the lives of Canadians.”

Pat Rooney affirmed that, “In order to be successful, an early-stage company must know how to structure, finance, implement, execute, negotiate and close transactions for the benefit of all shareholders. We have all been personally touched with cancer. With IMAGIN, we also have the gratifying mission of saving lives as we go.”

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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