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Medical Services
to Acquire Controlling Interest in
Chinese Corporation
June 6, 2005
Medical Services International Inc. (OTC: MSITF)
wishes to announce that it has agreed to purchase controlling
interest (60%) in a Chinese corporation. The Chinese corporation has
existing contracts with governmental agencies and hospitals to
supply approximately USD 5.2 million dollars worth of diagnostic
test kits for HIV. As part of the agreement the Chinese corporation
has received permission to substitute VScan HIV test kits for the
kits previously being supplied. This will significantly increase our
presence in China. The kits will be manufactured in the Shanghai
facility. The Shanghai facility is currently in full production as
it gets ready to supply 315,000 test kits in June and July, 2005.
The senior management in the corporation being acquired is very
experienced in the diagnostic kit market in China. It is anticipated
that as a result of their experience in the market place combined
with Medical Services' production capability and marketing programs,
the result will be more contracts and a bigger percentage of the
rapid diagnostic kit market in China. Their experience will also be
particularly helpful with sales of the other VScan test kits
currently submitted for regulatory approvals.
About VScan ™
The VScan™
rapid test kit is a single use, easy to use, test for the screening of
HIV 1&2, Hepatitis B&C, Tuberculosis (TB), Dengue Fever and West Nile,
Malaria, Syphilis, and Prostate Cancer. The kits cannot be sold in
Canada.
For further information contact:
Robert Talbot at 780-430-6363 or
Bill Whitehead, Jr., 416-822-5883
Medical Services International Inc. trades in the United States on the
NQB Pinksheets under the symbol "MSITF". |