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PRESS RELEASE
Cipher Holding Corp. to Acquire Equity Position in IMAGIN Diagnostic Centres, Inc.
Tuesday September 21, 11:56 am ET
OAK BROOK, Ill.--(BUSINESS WIRE)--Sept. 21, 2004--Cipher Holding Corp. to Acquire Equity Position in IMAGIN Diagnostic Centres, Inc., a Molecular Imaging Company and Commences a Change in Corporate Strategy Aimed at Becoming a Leader in PET Technology.
Cipher Holding Corp. (Cipher) will seek shareholder approval for a name change to IMAGIN Molecular Corporation, a name more consistent with its future direction to become a global leader in PET (Positron Emission Tomography) technology.
In a separate announcement, Cipher has acquired preferred shares of IMAGIN Diagnostics Centres, Inc. (IMAGIN), a Canadian company. IMAGIN shares will be convertible into 33.3 % of IMAGIN's equity or, at Cipher's option, into the total convertible debt position held by IMAGIN in Positron Corporation, a Houston-based company that trades under the symbol POSC (OTCBB:POSC - News). Upon IMAGIN's completion of funding the convertible debt position of Positron, IMAGIN Molecular will hold securities convertible into 64 million shares of Positron that represents 53% of the current state equity capitalization and currently is equivalent of US$7.0 million in market value.
IMAGIN will continue to hold significant equity positions in Canada's only two independent, non-public hospital-controlled PET Centres located in Vancouver and the Toronto suburb of Mississauga, Ontario.
Patrick G. Rooney, Chairman of Cipher Holding, Inc. (OTCBB:CIHR - News) as well as Chairman of Positron Corporation (OTCBB:POSC - News) stated, "We believe that PET technology will continue to make giant strides in the diagnosis and management of cancer, heart disease, and Alzheimer's patients in the future. Our first interest is the investment position in Positron Corporation. Positron was a pioneer in the PET industry since 1983. Medicare reimbursement did not come to PET procedures in the USA until 1998, while in Canada PET procedures are not yet approved for reimbursement today. IMAGIN is the leading PET scan Company in Canada. Currently in Canada, PET procedures are performed under clinical trials using radiopharmaceuticals imported from American border cities. The PET industry is at an early stage of making a huge impact globally. Under its new banner, IMAGIN Molecular Corporation, Cipher Holding Corp. has a plan to capture a significant strategic foothold in PET markets worldwide."
About IMAGIN Diagnostic Centres, Inc.
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 Canada. A PET scan is the "gold standard" for the diagnosis and staging of cancer, heart and neurological conditions such as dementia, Alzheimer's, etc. IMAGIN is negotiating joint ventures with private IMAGIN centers and hospitals for the financing, installation and management of PET scan facilities across Canada. IMAGIN has developed marketing programs focused on the patient acquisition function for PET scans across North America. IMAGIN is negotiating various transactions in order to establish a foothold in multiple Canadian markets. IMAGIN is located in Toronto, Ontario.
About Cipher Holding Corp.
Cipher Holding Corp. is the Parent of Cipher Multimedia a new Media Marketing Company that provides a Distribution Solution for publishers of digital content. Cipher Holding is looking to acquire significant if not majority positions in companies that can benefit from Cipher Multimedia's new Media Marketing approach. Cipher Multimedia will develop marketing campaigns that will assist IMAGIN, Positron and other companies in gaining greater exposure and increased sales through the secure distribution of proprietary digital information.
CONTACT:
Cipher Holding Corp.
Patrick Rooney, 630-371-5583
Source: Cipher Holding Corp.
