anybody read this ??

International Medical Devices Buys Australian Rights
Edited Press Release

LONDON (Dow Jones)--International Medical Devices announces Friday that it has entered into a conditional agreement to acquire a series of rights from two Australian companies which, together with a fund raising exercise, has a transactional value for IMD of GBP8.4 million on completion.

The agreement comes at the same time as the completion of a placing of Ordinary Shares at 6 pence per share to raise GBP750,000 before expenses.

The Company now intends to embark on a programme of acquisitions which are intended to grow IMD as a leading supplier of safe medical devices.

The Company's conditional agreements are to acquire Technology Patents for a range of medical devices from Eastland Technology Australia ("ETA") and to acquire from Eastland Medical Systems ("EMS") exclusive Distribution Rights over a range of EMS's medical devices products.

The consideration for the acquisition of the Technology Patents is to be satisfied by the payment of GBP300,000 in cash and the issue to ETA of 55,160,000 new Ordinary Shares, representing approximately 44.43% of the enlarged issued share capital of IMD.

The consideration for the acquisition of the Distribution Rights is to be satisfied by the issue to EMS of 40,500,000 new Ordinary Shares, representing approximately 32.62% of the enlarged issued share capital of IMD.

These acquisitions will therefore constitute a reverse takeover within the meaning of the AIM Rules and, as required by those rules, is subject to the IMD shareholders' approval.

The Company has also completed a placing of Ordinary Shares at 6 pence per share to raise GBP750,000 before expenses (approximately GBP500,000 after expenses). From the net proceeds, GBP150,000 will be used to satisfy the part of the cash element of the consideration payable to ETA under the Patent Sale Agreement at Completion.

The balance of GBP150,000 is to be paid when the IMD Board determines that the Company has sufficient surplus available funds and the Company will be obliged to pay the balance from any further capital fundraising.

The balance of the net funds raised will allow the Company to pursue its strategy to acquire safe medical device businesses and fund its working capital requirements.

The Company is to issue warrants to placees, under which they will have the right to subscribe up to GBP2,825,000 in total for Ordinary Shares at the next substantial offering of equity capital (whether on an acquisition or a placing) at a price that is 75% of the applicable issue price.

IMD is proposing to acquire the Technology Patents from ETA and the Distribution Rights from EMS in respect of territories outside the Southern Hemisphere, specifically North America, U.K. and most of Europe.

ETA is an Australian company that is involved in the development, manufacturing and marketing of a range of products that utilise new technology for injection, infusion and blood drawing.

EMS is an Australian company that manufactures and distributes medical devices products, some of which are based on certain of ETA's patents and others that it has developed itself. IMD proposes to acquire the distribution rights over existing products manufactured by EMS.

IMD's objective is to bring its portfolio of products to market as quickly as it is able. Initially, this will require securing the relevant regulatory approvals, such as CE Marking in the European Union, both for the existing EMS products and for future products derived from the Technology Patents, and then generating early commercial sales.

The Directors and Proposed Directors intend to target the U.K. and other European markets first. They believe there is a growing interest in safe medical devices in Europe, the largest market outside the U.S.

Furthermore, Europe's regulatory approval pathway is similar to that applied in Australia, where many of EMS's products are already approved.

IMD intends to develop its channels to market by acquiring distributors of medical devices in the U.K. and other European countries. A number of such companies have already been identified although no negotiations have yet commenced.

In the longer term, IMD's objectives will be to continue to acquire and exploit technology patents and distribution rights of safe medical equipment and devices; become a global supplier of medical devices; and develop further its relationships with ETA and EMS.

Jeremy Friedlander has indicated his intention to step down from the Board as a Non-Executive Director in the near future and the Board will seek a suitable replacement.

On Completion, the Company proposes to appoint Mr Doug Sims and Mr Don O'Sullivan to the Board as Non-Executive Directors, to represent ETA and EMS respectively.

Since its admission to AIM, the Company has not actively traded, although the Directors have begun the process of identifying possible acquisitions and joint venture channels to market arrangements with a number of companies.

The Directors consider that the acquisition of the Technology Patents and Distribution Rights will be the first step in the development of the Company. The next step will be to put in place channels to market to exploit the value in these rights.

Application will be made for the re-admission of the Existing Ordinary Shares and the admission of the New Ordinary Shares to trading on AIM and it is expected that Admission will take place and that dealings will commence on 19 July 2005.