VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Premier Diagnostic Health Services Inc. ("PDH") (CNSX:PDH) is pleased to provide the following updates on progress in China, ongoing work for diversification in our Burnaby clinic, and our capital raising activities.
The Company is pleased to announce that it has negotiated terms for a Memorandum of Understanding ("MOU") with Zhejiang Dongyang Traditional Chinese Medicine Hospital in Zhejiang Province which is now in the process of being executed. This is in addition to the previously announced MOU's signed with Chong Quing Jiang Ling Hospital, the Jilin Heart Hospital and the already operational MRI clinic in JV with the #3 Military Police Hospital in Beijing. Kathy Su, PDH's Manager, Market Development, has advised that four more hospitals have also expressed interest in Joint Venture partnerships with PDH. Several more hospitals in South West China have been identified as potential partners and are being approached on a preliminary basis.
"We are excited about the positive response from these hospitals and are currently engaged in proceeding to MOU's and definitive JV agreements with them," said PDH's President and CEO, Denis Tusar. "As part of this process, Mr. Tusar will be travelling to China shortly to work with Chong Quing Jiang Ling Hospital to prepare a development program for the first "Sino Canadian Friendship Hospital."
Members of the PDH management team recently met with the Company's medical advisors to discuss the Burnaby clinic's expansion and diversification program. The discussion has led to a decision to fully investigate the use of PET in bone scans and other projects involving Alzheimer's, head injuries, and heart disease. The company's next step is to gather information regarding the regulatory processes required for these areas of activity.
The Company also continues its on-going dialogue and due diligence with major Canadian brokerage houses to facilitate a senior financing and begin the next step to our goal of becoming qualified to list on a larger stock exchange.
PDH is focused on moving forward on these projects and will be providing weekly updates on our progress. More details are available on the company's website www.premierdiagnostics.ca, or you can contact us at 604-678-9115 for more information.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Premier.
About Premier Diagnostic Health Services Inc. ("PDH")
Premier designs, builds, finances, and manages diagnostic clinics, such as PET-CT and MRI facilities in Canada and abroad. From our "Concept Centre" in Burnaby BC Canada, we offer partnerships in Joint Ventures to hospitals seeking enhancement of their existing diagnostic facilities and patient services. We model our activities on our PDH designed joint venture MRI clinic at the No. 3 Military Police Hospital in Beijing, PRC and our PET-CT cancer imaging clinic in our Burnaby head office.
The Canadian National Stock Exchange has neither approved nor disapproved the contents of this press release.