PRESS RELEASE

IMAGIN Diagnostic Centres, Inc. Acquires a Controlling Interest in CareImaging, Mississauga PET Scan Centre Operator For $2.1 Million

TORONTO-November 11, 2003-IMAGIN Diagnostic Centres, Inc. (“IMAGIN”) announced today that it has executed a contract and infused initial funding for CareImaging Corporation (“CARE”) as part of a CDN$2.1 million total funding through which IMAGIN will acquire 51% of the equity of CARE. The structure of the transaction immediately gives IMAGIN a 51% voting control equity position and 4 seats on a 7 person CARE Board. Certain penalties apply if full funding is not completed at future dates.

CARE is a private high-technology PET scan centre of excellence. CARE has a high throughput positron emission tomography (“PET”) scanner. The CARE Mississauga facility has room to house a cyclotron necessary for the manufacture of the radiopharmaceutical used when performing PET scans.

PET scanning is the leading technology in the world used primarily for the diagnosis and staging of cancer, heart disease and neurological diseases such as Parkinson’s and Alzheimer’s. In 2002, approximately 500,000 PET scans were performed in the USA and 35,000 PET/CT scans, the latest hybrid technology.

IMAGIN is affiliated with International PET Diagnostics Inc. (“IPET”), a Vancouver-based company that owns and operates the only clinical PET scan facility in Canada. IPET is the only Canadian company to have completed clinical trials, a prerequisite to offering clinical PET scans to Canadians.

CARE has received approval from Health Canada to conduct an 1800 patient clinical trial on 5 indications of cancer. CARE has solicited Ontario-based physicians and hospitals to participate with CARE in this study. CARE plans to negotiate with IPET to do clinical PET scans outside of research protocols after IPET receives a Notice of Compliance (“NOC”) from Health Canada for which it has applied.

Dan McKenzie, CEO of CARE stated, “We are excited about the prospect of having a strategic partnership with IMAGIN and IPET and are delighted to have IMAGIN as our new parent company. The IMAGIN group is unique in that it also has an affiliation with IPET, the clinical leader in PET in Canada. In conjunction with IPET, we look forward to working within the Canadian healthcare system to assist in the savings of lives.”

Denis Tusar, CEO of IPET added, “We worked with our affiliate IMAGIN to influence them to finance and acquire CARE. We believe that we can structure a transaction to allow our group to assist in the CARE operations and to manufacture “approved” FDG (“fluorodeoxyglucose”) and therefore offer for the first time clinical PET scans to Ontario-based patients. We intend to work with the new Ontario government to help them with their vision to save lives by bringing the best medical technologies to Ontario.” 

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 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

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