2nd good ann for the week

Looking good now, FDA approval not far down the road and I believe they have an AGM today.

Enters Put Option over Final 18.8% in Objectivision P/L 11:23 17/5/2002 No.6216375


MEDICAL CORPORATION Last trade $0.470 at 14:31 16/5/2002




MEDICAL CORPORATION AUSTRALASIA LIMITED 2002-05-17 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Medicalcorp is pleased to announce that it has entered into a put
option over the final 18.8% of the equity in ObjectiVision Pty Ltd
("ObjectiVision"), held by the University of Sydney.

ObjectiVision is a medical technology company, which has researched,
patented and developed a revolutionary diagnostic system ("AccuMap"),
which can accurately measure visual field loss, as seen in glaucoma.
The AccuMap has been enthusiastically accepted by the ophthalmology
community. Further research is underway to clearly define the role of
the AccuMap technology in the early detection of other disease
states especially those associated with the central nervous system.

The put option enables Medicalcorp to acquire the remaining 18.8% of
ObjectiVision by either;

(i) issuing 13,764,000 fully paid ordinary shares in Medicalcorp; or
(ii) such amount as determined by the parties with the assistance of
an independent valuation if required.

The put option expires on 30 November 2003.

On the exercise of the put option, Medicalcorp will seek any
necessary regulatory and shareholder approvals required in regard to
the put option.

Medicalcorp is pleased with the rapid progress made in the
commercialisation of the Accumap system that is currently being used
to diagnose glaucoma, a leading cause of blindness. It is also
actively exploring the application of the technological platform in
to other medical fields.

The current year should see Accumap achieve a significant presence
in Australia and New Zealand and obtain the relevant approvals to
sell in the United States and Western European markets.

The Put Option allows Medicalcorp to obtain 100% ownership of
0bjectivision Pty Ltd and to have Sydney University as a shareholder
of the Company.

S Lee
EXECUTIVE CHAIRMAN

Enquiries should be directed to Mr Dimitri Bacopanos or Mr Simon Lee
on (08) 9218 8111.